Pacific Investment Management Co., the bond manager that started expanding into stocks four years ago, hired Virginie Maisonneuve from Schroders Plc to lead the push after Neel Kashkari left in January.
U.S. stocks fell, giving the Standard & Poor’s 500 Index its biggest weekly decline in 2012, as consumer confidence dropped, China’s growth slowed and the cost of insuring against a Spanish default rose to a record.
European stocks climbed for a third day as a report showed that U.S. jobless claims dropped more than economists had estimated and Glencore International Plc held talks to buy Xstrata Plc, boosting mining companies.
U.K. stocks rose, paring a weekly decline, as European Union leaders pledged that national central banks will channel 200 billion euros ($268 billion) through the International Monetary Fund to fight the debt crisis.
U.K. inflation probably eased from a three-year high in October and may slow further as Europe’s debt crisis depresses the economic outlook. Inflation slowed to 5.1 percent from the 5.2 percent recorded in September, according to the median estimate of 33 economists in a Bloomberg News survey.