Pacific Investment Management Co. rehired a former executive and a former consultant, said PIMCO spokesman Michael Reid.
Jeremie Banet was named executive vice president and portfolio manager for real-return strategies, including Treasury inflation-protected securities, while Nobel laureate Michael Spence was named a consultant on macroeconomic and global policy issues at PIMCO.
Mr. Banet previously worked for PIMCO as a portfolio manager for TIPS and real-return strategies until this past June. He will return to the firm Nov. 3 and report to Mihir Worah, managing director and chief investment officer, real return and asset allocation.
Mr. Spence had served in a similar consulting role for PIMCO until February. He will participate in PIMCO’s economic forums and offer advice and guidance to the firm’s investment committee, as he did during his prior work with PIMCO.
After leaving PIMCO earlier this year, Mr. Banet opened a food truck business called Monsieur Madame.
Mr. Spence is an economics professor at New York University’s Leonard N. Stern School of Business. He will continue in that role.