Pacific Investment Management Co. hired three veterans of Thornburg Investment Management to form a new active global equity team, PIMCO announced Wednesday.
Brad Kinkelaar and Cliff Remily were named executive vice presidents and global equity portfolio managers at PIMCO, and Matt Burdett was named a vice president and research analyst. All three positions are new; the global equity team will be the fixed-income giant's third since the launch of its equity investment platform in April 2010.
Mr. Remily was one of three portfolio managers at Thornburg overseeing the $9.2 billion Thornburg Investment Income Builder fund. According to a July 18 SEC filing by Thornburg, the fund will continue to be managed by the other two portfolio managers on the team, Brian J. McMahon, who is also CEO and chief investment officer, and Jason Brady.
Mr. Kinkelaar was a portfolio manager on Thornburg's Income Builder fund between 2003 and 2008, when he left the company. PIMCO's news release didn't provide any details about what Mr. Kinkelaar has been doing in the interim, and he couldn't immediately be reached for further comment.
Mr. Burdett was an equity analyst with Thornburg. Thornburg spokesman David M. Miller couldn't immediately be reached for comment.
Separately, PIMCO named Neel Kashkari head of global equities. It is a new position.
Mr. Kashkari joined PIMCO in late 2009 as a managing director and head of new investment initiatives. Prior to that, he was assistant secretary of the treasury, where he established and led the Office of Financial Stability and oversaw the Troubled Asset Relief Program.