PIMCO boosts sales team

Market still cautious

By Christine St Anne
Mon 19 Apr 2010

The fixed income manager is looking to add a head of sales to its wealth management business.

PIMCO is looking to appoint a head of sales to its business on the back of increasing client demand for fixed income products.

The newly created job will involve overseeing the firm's sales and boosting PIMCO's presence in platforms and private banking.

"With the significant increase in demand for income products from people in retirement, PIMCO is well placed to meet that need through the introduction of new income funds as well as our existing suite of top performing bond funds," PIMCO head of global wealth management Australia Peter Dorrian said.

"This role is being added to ensure more financial planners advising retirees on their investments fully understand the benefits of PIMCO's fixed income funds."

There has been an increase in job demand for sales recently. Boutique fund manager Bennelong is also looking for two business development managers.

"Overall job activity remains disappointing in the wealth management industry," Thomas Hancock Associates principal Thomas Hancock said.

"Fund management firms are still cautious about hiring more staff. The boutique firms are still not replacing staff they had cut back on a year ago," he said.

Staff hires have predominantly been a result of management changes following the appointment of a new chief executive, according to Hancock.

"For example, we saw a number of management changes when BT [Investment Management] hired Emilio Gonzales as chief executive. This trend will likely continue as more companies change their managing directors," he said.

"The market still remains subdued. With the markets picking up, people are thinking it is going to be 'boom boom boom'. This is not necessarily the case."

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