The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Simon Says Goodbye to Pimco Not Rated 5.0 Email Routing List Email & Route  Print Print
Monday, January 28, 2013

Simon Says Goodbye to Pimco

News summary by MFWire's editors

Another top Pimco investing exec is saying goodbye.

Less than a week after Neel KashKari announced his planned departure to pursue a life in California politics, Pimco's head of mortgage-backed and asset-backed investing, Scott Simon, has declared that he will retire in May to focus on "my life and my wife," according to Bloomberg, and Reuters.

Bloomberg notes that mortgage debt is the largest holding of Pimco’s $285-billion Total Return Fund, after the firm last year repeated a successful bet from 2008 that the Federal Reserve would buy government-backed home-loan securities to boost the economy. The fund, managed by Bill Gross, was 42 percent invested in mortgages last month, according to information posed on its website. It returned 9.48 percent over the past year to beat 93 percent of competitors, according to Bloomberg data.

Moreover, the newswire reports that Michael Cudzil, who joined Pimco from Nomura Securities International last year, will replace Simon as the co-manager of two mortgage-related funds, the Pimco GNMA Fund and Pimco Mortgage-Backed Securities Fund, according to a regulatory filing by the firm.

Meanwhile, Reuters says that Simon's uncanny bets in mortgage-backed securities have helped PIMCO, which oversees $1.92 trillion in assets, turn 2012 into one of its most successful years in investing. 

Edited by: Tommy Fernandez

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2020: Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use