PIMCO Swipes Muni Veteran Deane From Rival
PIMCO hooks a big fish from its Southern California coastal neighbor Western Asset in a bid to build out its municipal-bond team.
On July 18, Joe Deane, who was Western Asset's muni-bond co-chief, will take over as PIMCO's head of municipal-bond portfolio management. Deane will take the spot from John Cummings, who stepped into that role at the end of 2008, following disappointingly poor performance for a number of PIMCO's open-end muni funds during the financial crisis.
Cummings has had some success whipping the firm's open-end muni-fund lineup into shape. But despite improved performance and several new fund launches, including two active muni exchange-traded funds, PIMCO hasn't attracted many assets. The firm has less than $1.5 billion spread across its eight open-end muni funds and another $119 million in its ETFs, much less than Western Asset's roughly $13 billion. Bringing Deane onboard could signal that the firm is making a bid to grab market share.
Miriam Sjoblom does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.
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