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CEF Specialist

CEF Weekly Update

PIMCO management changes, leverage refinancing, and tender offers.

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Management Changes
Following Mohamed El-Erian's departure from PIMCO last week, the firm announced that Marc Seidner, head manager of PIMCO Dynamic Credit Income (PCI), will leave as well. Alfred Murata will take over head management duties, and Dan Ivascyn will join the management team. In all, PCI is still well-staffed: Ivascyn and Murata were named co-winners of Morningstar's 2013 Fixed-Income Fund Managers of the Year, while Mark Kiesel, another member of the fund's management team, won the award in 2012. Ivascyn and Kiesel were also named to a team of six deputy CIOs. Senior analyst Eric Jacobson discusses the recent changes at PIMCO at a higher level in this video.

Steven Pikelny does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.