Pacific Investment Management Co. is becoming less dependent on Bill Gross, preparing for an eventual future without the world’s best-known bond investor and adding pressure on its rising stars to live up to his legacy.
Lawmakers and President Barack Obama probably will strike a deal in a post-election session of Congress to defer most of the $700 billion in expiring tax cuts and spending reductions known as the fiscal cliff, said Neel Kashkari, Pimco’s managing director and head of global equities.
Bill Gross , who runs the world’s biggest mutual fund , takes a seat in a conference room and makes a confession. Overlooking the ocean at the headquarters of Pacific Investment Management Co., Gross describes missteps that doomed his bond firm’s experiment with equities in the mid- 1980s.
Pacific Investment Management Co.’s Neel Kashkari, who heads global equities at the Newport Beach, California-based investment firm, said downgrades of banks by Moody’s Investors Service weren’t of consequence for the firm.
Pacific Investment Management Co.’s loss of Neel Kashkari as head of global equities adds to the difficulties the bond manager faces in its push into stocks, a business with less than 1 percent of the firm’s assets.
Pacific Investment Management Co., the world’s largest manager of actively run bond funds, has appointed Marc Seidner as interim head of global equities after Neel Kashkari’s departure last week, according to a person familiar with the matter.