Pimco names first group of equity business hires

|By:, SA News Editor

Trying to ease pressure on its struggling fixed-income business - the Total Return Fund suffered another $830M of outflows last month - Pimco is branching out into equity funds, and today announced a group of five hires.

Earlier this year, Pimco's new CEO Doug Hodge talked about an "urgency" to diversity into equities, but now global head of equities at Pimco Virginie Maisonneuve has played down that angle. "There is no urgency to build the business - just a commitment to do so."

Pimco parent: Allianz (OTCQX:AZSEY, OTCPK:ALIZF)