Neel Kashkari is joining the uber-bond firm, Pacific Investment Management Co.
Dealbreaker has the PIMCO announcement:
In addition to hiring a top equity team, we have also recognised the need for an experienced person to work closely with PIMCO’s Executive Committee to lead our entry into this and other new businesses over time. Accordingly, Neel Kashkari is joining us on December 14 to lead new investment initiatives. Neel will be based in our Newport Beach office.
Many of you may know of Neel from his previous responsibilities at the US Treasury where, until May 2009, he served as Assistant Secretary. Neel quickly established himself as a “go-to” person during the global crisis. We are confident that his skill set will be of direct long-term benefit to our clients-mainly in the positive sense of bringing more talent to PIMCO but also in ensuring that we do not inappropriately divert the focus of other colleagues devoted to what we already deliver to you.
Kashkari’s job to manage the $700 billion government bailout of the nation’s financial system took its toll, and the ex-Goldmanite has been isolated in the woods in recent months, chopping wood, losing weight, and regaining his sanity.
Now, Kashkari joins Bill Gross, Mohamed El-Erian, and Co. to oversee a $940 billion portfolio, 90% of which is bonds.
PIMCO also announced it hired Franklin Resources Inc.’s Anne Gudefin and Charles Lahr today as it pushes further into actively managed equities, as Bloomberg notes.
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