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Pimco 'unchanged' after Gross exit: CEO

By Reporter
 — 1 minute read

Pimco is "fundamentally unchanged" following the departure of founder Bill Gross last week, claims chief executive Douglas Hodge.

In a note published on Friday, Mr Hodge acknowledged Mr Gross' "integral" role in establishing the investment structure that "made Pimco the investment leader it is today".

Mr Gross' recent decision to resign has created a perception that there has been a dramatic shift at Pimco, Mr Hodge said.

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"However, the reality is that while Pimco has evolved into a globally diversified investment company, our DNA is fundamentally unchanged," he said.

The company's investment process is "ingrained", and lies at the "heart of the value we offer to clients", Mr Hodge said.

"Our culture of rigorous and open debate will continue to animate quarterly forums of our global investment and executive leadership, as well as the daily meetings of the investment committee," he said.

Mr Hodge also pointed to the leadership changes at Pimco during 2014 as evidence of the firm's "evolution".

"We recently named 16-year Pimco veteran Daniel Ivascyn as group chief investment officer," he said.

Finally, Mr Hodge said he was "heartened" in recent days by the "numerous clients who have reaffirmed their commitment to Pimco".

"I am confident that the vast majority will stay with Pimco. However, I also recognise that we must continue to work every day to sustain their trust and commitment," he said.

 

Pimco 'unchanged' after Gross exit: CEO
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