PIMCO managing director to be CIO of Chinese sovereign fund

Changhong Zu, a managing director at PIMCO, is leaving to become chief investment officer of the Reserve Management Department of State Administration of Foreign Exchange, a Chinese sovereign wealth fund, PIMCO executives disclosed in an e-mail to P&I Daily today.

Mr. Zhu was a hedge fund manager at PIMCO, said spokesman Mark Porterfield.

“While we are sad to see Changhong leave PIMCO, we are proud that his leadership and investment abilities are being recognized in his appointment to such an important role in his country,” according to the e-mail from Bill Gross, co-CIO, and Mohamed El-Erian, CEO and co-CIO.