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Wednesday, September 07, 2011

Pimco Hires an Ex-Thornburg Trio

Reported by Neil Anderson, Managing Editor

Pimco [see profile] just built a team out of Thornburg alums and named an equity chief. Today the Newport Beach, California-based mutual fund firm and Allianz subsidiary revealed the addition of: vice president and research analyst Matt Burdett; executive vice president and global equity PM Brad Kinkelaar; and executive vice president and global equity PM Cliff Remily. Pimco also promoted managing director Neel Kashkari to head of global equities.

The new hires will run global equity income for Pimco from Newport Beach. Burdett previously served as an equity analyst at Thornburg, and Kinkelaar and Remily as managing directors and PMs.

Thornburg spokeswoman Hedda Nadler confirmed that the asset manager will "probably look to replace" Burdett eventually, and Kinkelaar left Thornburg several years ago. Remily's co-PMs on the Thornburg Investment Income Builder Fund, Jason Brady and Brian McMahon, continue to run the fund [see MFWire.com, 7/20/2011].

"The hiring of this talented team and Neel's enhanced role at Pimco strengthen our ability to expand the delivery to clients around the world of the highest quality equity investment management services," stated Pimco CEO and co-chief investment officer Mohamed El-Erian.

The active equity PM team at Pimco now boasts five senior PMs, nine research analysts, six traders and six product managers, as well as various support staff.


Company Press Release

NEWPORT BEACH, CA--(September 07, 2011) - PIMCO, a leading global investment management firm, has hired Brad Kinkelaar and Cliff Remily as Executive Vice Presidents and Global Equity Portfolio Managers and Matt Burdett as a Vice President and Research Analyst, based in the Newport Beach office. These new hires are PIMCO's third active equity portfolio management team since it established its equity investment platform in April 2010. The firm has also appointed Neel Kashkari as Head of Global Equities, an expanded role in which he will lead and oversee all aspects of PIMCO's active equities efforts. Mr. Kashkari is a Managing Director who joined the firm in December 2009 and previously served as PIMCO's Head of New Investment Initiatives.

"The addition of this proven equity portfolio management team is another important step in the measured and deliberate approach we are taking to build PIMCO's growing active equities investment platform," said Mr. Kashkari. "Brad, Cliff and Matt are outstanding investors who will lead our efforts to offer income-focused global equity strategies to our clients worldwide," added Mr. Kashkari.

As Head of Global Equities, Mr. Kashkari will oversee strategies that pursue the best investment opportunities around the world. In this capacity, he will chair the firm's Equity Portfolio Committee, which brings together the firm's equity and fixed income portfolio managers and integrates individual company analysis with PIMCO's global economic views and strategies.

"The hiring of this talented team and Neel's enhanced role at PIMCO strengthen our ability to expand the delivery to clients around the world of the highest quality equity investment management services," said Mohamed A. El-Erian, CEO and Co-CIO.

PIMCO's active equities portfolio management platform now includes the following seasoned professionals, located in the firm's London, New York, Newport Beach and Singapore offices:

5 senior portfolio managers
9 research analysts
6 traders
6 product managers
Numerous compliance, operations, technology and trade / portfolio support specialists

This platform is fully integrated into PIMCO's global portfolio management organization and benefits from the firm's macroeconomic investment process, as well as its deep capabilities and resources including credit analysts, currency specialists, tail-risk hedging experts and cash management specialists.

The firm's active equity strategies include the Pathfinder global deep value strategy, the Emerging Markets Equity strategy and the Emerging Multi-Asset strategy, with more than $4 billion in investor assets.

"PIMCO's strategy in developing our equity platform is to identify areas where we can add value by harnessing the firm's well-established global economic views and combining that with the skills of seasoned equity investors who have demonstrated success analyzing companies around the world. We are not seeking to be all things to all people. We will select opportunities in a targeted, thoughtful and PIMCO-like manner that our clients have come to expect of us," added Mr. Kashkari.

Mr. Kinkelaar has 15 years of investment experience and most recently was a Managing Director and Portfolio Manager with Thornburg Investment Management, where he oversaw $50 billion of assets under management. From 2003-2008 he served as Co-Portfolio Manager for the Thornburg Investment Income Builder Fund. From 1999-2003 he was Associate Portfolio Manager for the Thornburg Value Fund and International Value Fund. Earlier in his career Mr. Kinkelaar was an equity investment analyst with State Farm Insurance Companies. He earned his MBA from Kellogg School at Northwestern University and his BS in Management & Marketing from Eastern Illinois University.

Mr. Remily has 11 years of investment experience and most recently was a Managing Director and Portfolio Manager with Thornburg Investment Management, where he Co-managed the Thornburg Investment Income Builder Fund which had approximately $10 billion in assets. He also managed and co-managed a number of global equity income strategies for institutional clients, as well as the Eagle Growth and Income Trust. Previously Mr. Remily conducted equity research with Brandes Investment Partners and also was associated with Zacks Investment Research. He is a Chartered Financial Analyst and earned his MBA from the Marshall School of Business at USC and his BBA in Finance and International Studies from the University of Washington.

Mr. Burdett has 6 years of investment experience and most recently was an Equity Analyst with Thornburg Investment Management where he was a global equity generalist dedicated to income-focused strategies totaling approximately $10 billion in assets. Previously, Mr. Burdett was with Oppenheimer & Co. where he was Director of Healthcare Investment Banking. Earlier in his career he conducted pharmaceutical research with Sunesis Pharmaceuticals. Mr. Burdett earned his MBA from the Marshall School of Business at USC and his BS in chemistry from University of California, Berkeley.

Mr. Kashkari is a Managing Director and previously was head of new investment initiatives in PIMCO's Newport Beach office. Prior to joining PIMCO in 2009, Mr. Kashkari served in the U.S. Treasury Department from 2006-2009, first as senior advisor to Secretary Henry Paulson and then as Assistant Secretary of the Treasury. In the latter role, he established and led the Office of Financial Stability and oversaw the Troubled Assets Relief Program (TARP). Before joining the Treasury Department, Mr. Kashkari was a vice president at Goldman Sachs in San Francisco, advising technology companies on financings and mergers and acquisitions. Previously, he was an aerospace engineer at TRW Corporation. He earned his MBA from the Wharton School at the University of Pennsylvania and earned both a Masters degree and BS in engineering from the University of Illinois at Urbana-Champaign.

About PIMCO


PIMCO is a global investment management firm that was founded in Southern California in 1971. The firm serves an array of clients and manages retirement and other assets that reach more than 8 million people in the U.S. and millions more around the world. Our clients include state, municipal, union and private sector pension and retirement plans, educational, foundations, endowments, philanthropic and healthcare institutions, individual and investment saving accounts, public sector reserve management and other public entities in North and South America, Europe, the Middle East and Asia.

PIMCO has more than 1,800 employees. In addition to its headquarters in Newport Beach, California, the firm has offices in Amsterdam, Hong Kong, London, Munich, New York City, Singapore, Sydney, Tokyo, Toronto and Zurich.

PIMCO is owned by Allianz S.E., a global diversified financial services provider.

Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO's sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statement. 

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