PIMCO managing directors John Brynjolfsson, Pasi Hamalainen and Sudi Mariappa will all retire in mid-2008 to spend more time with their families and perhaps at some point pursue academic or other entrepreneurial interests, according to a letter sent to consultants.
Mr. Brynjolfsson, who joined PIMCO in 1989, is known as an innovator in the field of inflation-protected bonds, said the letter. Mr. Hamalainen joined in 1994 and helped develop the firms risk management analytics. Mr. Mariappa overseas PIMCOs global portfolio management business and joined in 2000.
The duties of Messrs. Brynjolfsson and Mariappa will be handled by existing staff members; the company will search for a replacement for Mr. Hamalainens risk management duties, said spokesman Mark Porterfield. Mr. Hamalainens risk management oversight role will fall under the direction of co-CEO and CIO Mohamed El-Erian and Managing Director Vineer Bhansali, he added.
Separately, Christian Stracke will join PIMCO as executive vice president and co-head of credit research, a new position. He will join the company April 21, Mr. Porterfield said. Mr. Stracke was senior credit strategist at Credit Sights, an independent research firm. Details about his replacement could not be learned by press time.