Additional Information on PIMCO s Leadership Evolution

Transcription

1 Additional Information on PIMCO s Leadership Evolution January 2014 For institutional investor use only

2 Disclosures This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registered trademarks of Allianz Asset Management of America L.P. and Pacific Investment Management Company LLC, respectively, in the United States and throughout the world. 2014, PIMCO pg 1

3 Transition of Duties to Proven Leaders Business Management Before After CEO Mohamed El-Erian CEO Doug Hodge COO Doug Hodge President Jay Jacobs Head of Talent Mgmt Jay Jacobs Head of Strategic Business Mgmt Craig Dawson Head, PIMCO Germany Craig Dawson Head of Talent Mgmt Kim Stafford Executive Office Kim Stafford Transition_01 pg 2

4 Transition of Duties to Proven Leaders Portfolio Management Before After Co-CIOs Bill Gross Mohamed El-Erian (departing March 2014) Other Investment Committee members Andrew Balls Scott Mather Marc Seidner (departed January 31, 2014) Chris Dialynas Christian Stracke Saumil Parikh Rotating members Tony Crescenzi Qi Wang Mohit Mittal Desk Heads/Senior PMs 1 Dan Ivascyn Mark Kiesel Virginie Maisonneuve Mihir Worah Rich Clarida 2 CIO Bill Gross Deputy CIOs Andrew Balls Scott Mather Dan Ivascyn Mark Kiesel Virginie Maisonneuve 3 Mihir Worah Other Investment Committee members Chris Dialynas Christian Stracke Saumil Parikh Tony Crescenzi Qi Wang 4 Jon Horne 4 Secular Forum Leader Rich Clarida 2 1 Partial listing 2 Global Strategy Advisor 3 Primary focus is leading Equity Portfolio Committee, but will provide frequent input to the IC 4 Rotating members effective March 4, 2014 Transition_02 pg 3

5 Newer PIMCO MDs provide diversified expertise and leadership 27 new PM MDs since 2009, versus only 7 departures Talent infusion enables smooth transitions as existing MD portfolio managers retire or exit Group features leaders across asset classes and geographies including: Deputy CIOs Global Head of Portfolio Risk Mgmt. Head of cyclical economic forums 2 Morningstar Fixed Income Fund Managers of the Year (USA) Managing Director Area of Expertise Yrs of Exp. Virginie Maisonneuve Global Head, Equities 27 yrs Sudi Mariappa 1 Generalist PM 27 yrs Ed Devlin Jon Horne Mohamed El-Erian Charles Lahr Marc Seidner Head, PM Canada PM, Credit CEO, Co-CIO, PM Generalist Global Equities PM Generalist PM 19 yrs 11 yrs Mohit Mittal PM, Credit 7 yrs Philippe Bodereau Andrew Bosomworth William De Leon 2012 Head, Euro Credit Research Head, PM Germany Global Head, Port. Risk Mgmt. 18 yrs 20 yrs 23 yrs Michael Gomez Co-head, Global EM 19 yrs Charles Lahr 2013 Joshua Anderson PM, Mortgages 18 yrs Alfred Murata PM, Mortgages Global Equities PM 14 yrs Lorenzo Pagani Head, European Rates 11 yrs Jerome Schneider PM, Short-Term 18 yrs Josh Thimons Scott Simon PM, Governments Head, Mortgages 15 yrs 19 yrs Qi Wang PM, Governments 18 yrs 2009 Andrew Balls Head, European PM 15 yrs Mark Kiesel 2010 Tomoya Masanao Head, PM Japan 24 yrs Saumil Parikh Generalist PM Global Head, Corp. Bond Portfolios 15 yrs Steve Rodosky PM, Governments 19 yrs Christian Stracke William Powers Changhong Zhu 2011 Mike Amey Head, Sterling Port. 20 yrs Robert Mead Head, PM Australia Head, Global Credit Research 14 yrs Generalist, PM; Co-head, Mortg. Head, Derivatives 24 yrs Marc Seidner Generalist PM 26 yrs Ravi Mattu Global Head, Analytics 31 yrs Paul McCulley Head, Short-Term 21 yrs Mihir Worah Head, Real Return 12 yrs As of 6 March 2014 Page reflects addition and subtraction to Portfolio Managers/Managing Directors from 1 January 2009 through 6 March Joining PIMCO in May Mark Kiesel (2012); Alfred Murata (2013) shares the 2013 award with Dan Ivascyn, who became an MD in The Morningstar Fixed-Income Fund Manager of the Year award is based on the strength of the manager, performance, strategy, and firm s stewardship. Promoted/Hired MD Retired/Departed MD Transition_03 pg 4

6 Organizational structure PLEASE DO NOT APPLY CUSTOM EDITS WITHOUT PRIOR EXECUTIVE OFFICE APPROVAL Allianz SE (parent) Allianz Asset Management PIMCO Management Board Managing Directors PIMCO Executive Committee Chief Investment Officer Chief Executive Officer President Deputy CIOs (6) Investment Committee Global offices Client Management Legal and Compliance Technology Portfolio Management Credit Research Risk Management Analytics Global Wealth Management Strategic Business Management Product Management Marketing Communications Human Resources/L&D Funds Finance Operations Enterprise Risk Management Amsterdam Hong Kong London Milan Munich New York Newport Beach Rio de Janeiro Singapore Sydney Tokyo Toronto Zurich Transition_04 pg 5

7 PIMCO s team investment process Philosophy Firmwide framework for discussion and debate Active management Risk management emphasis Annual Secular Forum Quarterly Cyclical Forum Focus on long term Diversified sources of return Solutions orientation Bottom up and top down insights Long term 3 5 year trends 6 12 month GDP/inflation forecasts Committee framework Americas Portfolio Committee (AmPC) Asia Portfolio Committee (APC) European Portfolio Committee (EPC) Equity Portfolio Committee (EqPC) Investment Professionals 246 Portfolio Managers 52 Credit Research Analysts 65 Analytics/Asset Experts 30 Equity Analysts/ Traders Global Investment Committee (IC) Portfolio construction Specialty desks Governments Mortgage/ABS Credit (IGC) High Yield Global Fixed Income Inflation/Real Return DM Equities EM Equities EM Fixed Income Municipals Short-Term Portfolio Risk Management Legal and Compliance Transition_05 pg 6

8 PIMCO s PM talent pool exhibits depth and experience MD team balanced by both seasoned hands and rising stars 12 8 PM Managing Directors 5 11 Promoted in last 1-3 years Not promoted in last 1-3 years 10 A deep bench of senior managers has been developed through deliberate hiring and promotion When inevitable departures occur, PIMCO leverages the talent of other MDs, Executive VPs, and Senior VPs to ensure a seamless transition for clients < 1 Year 1-5 Years 6-10 Years Years Years > 20 Years Years at PIMCO PM Executive Vice Presidents All PM EVPs < 1 Year 1-5 Years 6-10 Years Years Years > 20 Years Years at PIMCO 75 PM Senior Vice Presidents 69 All PM SVPs 50 As of 6 March 2014 Data includes portfolio management, credit research, and analytics < 1 Year 1-5 Years 6-10 Years Years Years > 20 Years Years at PIMCO Transition_06 pg 7