Pimco is hiring. The house of Gross wants to recruit 16 ‘thematic equities’ investment specialists for its new equities business, which is run by French fund manager Virginie Maisonneuve. Today, Pimco has reportedly made a hire, but it doesn’t quite fit the thematic equities mould – the latest recruit is Geraldine Sundstrom, the ex-Brevan Howard portfolio manager who previously ran Brevan Howard’s $2bn Emerging Markets Strategies Master Fund, where she invested in interest rates, currencies and bonds.
Sundstrom’s new role could be a challenge. Pimco’s emerging markets strategy looks a little confused. The Financial Times reported yesterday that Pimco’s senior emerging markets fund managers have been busy buying Brazilian bonds this year, even though Pimco CIO and founder Bill Gross’s sold Brazilian bonds last year and said he was reducing exposure to the country. Sundstrom is, at least, likely to be well rewarded for navigating this political minefield. In 2012 (the most recent year for which figures are available), Pimco’s seven London-based directors shared compensation of £50m, suggesting that Sundstrom’s package as a managing director could be substantial. Sundstrom’s departure from Brevan Howard in February 2014 was preceded by a reported decline of 15% in the fund she managed there. That doesn’t seem to have prevented her from walking into the new Pimco job, however.
Separately, all is not lost for Barclays’ unwanted bankers. Deutsche Bank has reportedly hired Marc Benton, Barclays’ former co-head of natural resources for Asia. Not only has Benton got a Deutsche job, but he seems to have secured a promotion at the German bank – he’s going in as sole head of European energy investment banking. It’s not clear whether Benton quit voluntarily or left as part of Barclays’ plan to pare back its coverage of local Asian markets. Either way, other Barclays’ bankers may want to follow his lead.
Antony Jenkins: “We are on the leading edge of a technology revolution. You can’t see it, but it’s coming, it’s coming hard, and it’s coming fast.” (Financial News)
Bonuses for managing directors at big banks are 37% larger than bonuses for managing directors at small banks. (Bloomberg)
Credit Suisse is boosting its UK-based leveraged finance team and wants to hire someone to cover Spanish markets. (Financial News)
Morgan Stanley wants to pay 40% or less of its investment banking revenues in compensation. (Bloomberg)
Cinven might open an office in Spain. (Financial News)
Lombard Odier wants to grow its Asian assets under management by 20%. (Bloomberg)
ICAP might be accused of LIBOR rigging. (Telegraph)
ABN AMRO is cutting 100 jobs as it exits equity derivatives and shutters its Asian markets business. (Bloomberg)
“The natural, short-sleeper—these people are very optimistic, very energetic, they are go-getters.” (WSJ)