There is a new president at Pimco Funds and he is an insider. Ernest L. Schmider takes over as president of the Newport Beach, California fixed income specialist, filling a post vacated by R. Wesley Burns.

Burns is staying on at the firm as a senior consultant to Pimco Funds and will remain as a trustee for the Pimco Funds. The fund complex includes 42 funds with some $150 billion in assets under management.

Schmider, 47, has been at Pimco since 1994 and was most recently its global head of Operations and Infrastructure. He will also continue as Pimco's head of Fund Administration, which oversees $75 billion in offshore and specialty products.

Schmider joined Pimco as chief administrative and legal officer in November 1994. He served as a member of the Executive Committee and as head of Corporate Communications and Public Affairs. From 2000 to 2002, Schmider led Pimco's European fixed-income business in Munich as chief operating officer of Pimco Europe.  

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