Allianz subsidiary PIMCO is resorting to outside help to bring it back on the winning track. Several stars from the financial sector are expected to get the asset management company from sunny California out of deep water.
PIMCO has reported a lot of bad news in recent months. High profile management squabbles and a set of bad investment decisions have taken its toll on the reputation of the world’s largest bond manager.
Situations like this are a nightmare for the Munich parent company, which avoids public mud fights and gossips more than most companies, and has always insisted that PIMCO is “a turnaround company.”
Now a team of five superstars from the financial industry is being brought in to regain the confidence of the financial world. They will form an advisory council of investment managers at PIMCO.