Pimco, the world’s largest bond fund, has hired Neel Kashkari - the man best known for being put in charge of the US Treasury’s $700bn bailout plan at the tender age of 35.
Dealbreaker has the Pimco memo announcing the hire in full; we’ve reproduced some of it below:
December 7, 2009
In addition to hiring a top equity team, we have also recognized the need for an experienced person to work closely with PIMCO’s Executive Committee to lead our entry into this and other new businesses over time. Accordingly, Neel Kashkari is joining us on December 14 to lead new investment initiatives. Neel will be based in our Newport Beach office.
Many of you may know of Neel from his previous responsibilities at the US Treasury where, until May 2009, he served as Assistant Secretary. Neel quickly established himself as a “go-to” person during the global crisis. We are confident that his skill set will be of direct long-term benefit to our clients-mainly in the positive sense of bringing more talent to PIMCO but also in ensuring that we do not inappropriately divert the focus of other colleagues devoted to what we already deliver to you.All these steps are part of PIMCO’s evolution over the last decade that has already taken us beyond being solely focused on core fixed income. By adding active equities to the range of solutions PIMCO provides, our primary aim remains the same as it as been throughout PIMCO’s history: to serve as a trusted advisor to our clients around the world. Importantly, this has not, nor will it distract or detract us from our ongoing management of our fixed income products. It’s an evolutionary process-not a revolutionary event-that has been driven by the needs of our clients, the entrepreneurship of our colleagues, and the robustness of our investment process and platform.With our best regards
Mohamed A. El-Erian
Kashkari: What’s in a name, an age, an affiliation? – FT Alphaville
Guess the Kashkari – FT Alphaville
Breaking Neel down, inter alia – FT Alphaville