Pacific Investment Management Co. said it is shutting down two
of its equity strategies and its chief investment officer of global
equities is leaving the firm.
Pimco executive Virginie Maisonneuve will depart the firm in
late June of her own accord, the company said. Based in the London
office of Pimco, Ms. Maisonneuve was appointed to the role after
the departure of Bill Gross, Pimco's founder and former chief
investment officer, last year. There are no immediate plans to
replace her.
Portfolio managers and analysts associated with the two Pimco
equity strategies--called Pathfinder and Emerging Market
Equity--also will leave the Newport Beach, Calif.-based firm. It
isn't clear how many of those employees will depart.
Pimco Chief Executive Douglas Hodge said in a statement that
"equities will continue to be an important part of Pimco's
investment solutions, including active and enhanced equities." He
said that Ms. Maisonneuve will direct the transition and oversee an
orderly liquidation of the strategies. They included mutual funds
and separately managed accounts.
"Virginie is an outstanding investor and business builder and
she has made valuable contributions during her tenure at Pimco,"
Mr. Hodge said.
The fund closures and departure of Ms. Maisonneuve and other
portfolio managers is the latest challenge for Pimco's equity
business, which has struggled to gain traction among investors. The
division has about $50 billion in assets under management. The
strategies that will close represent about 3% of assets.
Pimco, with $1.6 trillion of assets under management, is widely
known as a bond-fund manager, operating one of the largest bond
mutual funds in the world, the Pimco Total Return.
The moves come as Pimco continues to struggle with investor
outflows following the September departure of Mr. Gross, who left
for rival Janus Capital Group Inc.
Ms. Maisonneuve is the highest-profile departure from the firm
since Mr. Gross left.
Write to Kirsten Grind at kirsten.grind@wsj.com
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