A Pimco Stalwart Steps Down With Capable Successors in the Wings
The firm is well-provisioned to handle the change.
Mihir Worah had big shoes to fill when he took over running Pimco's suite of real return funds in 2008. Predecessor John Brynjolfsson launched the first of them in early 1997, when inflation-indexed Treasury bonds were first issued. They were unpopular, and it was nearly 10 years before there were enough Treasury Inflation-Protected Securities funds to form a dedicated category. By the time Brynjolfsson stepped down, though, he had become synonymous with TIPS investing and Pimco's real return business had become a juggernaut.
Worah came to the job with several years of experience working with Brynjolfsson, not to mention the math chops necessary to earn a Ph.D. in theoretical physics. The transition was seamless, and Worah built a successful record in his own right. He had also become a trusted member of Pimco's senior investment team, progressively taking on new responsibilities managing other investors and becoming CIO of asset allocation and real return in 2014.
Eric Jacobson has a position in the following securities mentioned above: PTTRX, PRRIX, PCRIX. Find out about Morningstar’s editorial policies.