Even 11 Billion-Orange County ERS May Dump PIMCO
Personnel changes at asset management firms are risky business, especially in the cases where asset owners were pitched high-profile names. This is not an uncommon reason why asset owners may dump asset managers; the firm pitches their ability on the strength of a single or handful of executives only to see those executives leave for bigger paychecks or political differences. The resignation of Mohamed El-Erian, who was CEO and co-CIO of PIMCO, has caused issues with asset owners allocating to the self-proclaimed “Global Authority on Bonds”.
The doubt could “trickle up” to its larger clients such as sovereign wealth funds and public pensions.
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