Joachim Fels, an economist, was hired by PIMCO as a managing director and global economic adviser, the latest personnel hire since the departure of firm co-founder and Chief Investment Officer William Gross in September resulted in a management revamp.
It is a new position. Mr. Fels, who was chief economist for Morgan Stanley and based in London, will be based in Pacific Investment Management Co.'s headquarters in Newport Beach, Calif., and will report directly to Daniel Ivascyn, PIMCO's group CIO, firm spokesman Michael Reid said in an e-mail.
“Joachim is a highly regarded global economic expert who will bring tremendous insights and make significant contributions to PIMCO's investment process,” Mr. Ivascyn said in a statement.
PIMCO's mutual funds have seen net outflows of $150 billion in 2014, most of it coming from its flagship Total Return Fund, Morningstar data show. The fund, which was managed by Mr. Gross, had suffered from performance problems before he left the firm Sept. 26.
Other recent PIMCO hires include Michael Spence, a Nobel laureate economist who is a consultant to the firm on macroeconomic and global policy issues; and Gene Sperling, a former principal economic adviser to President Barack Obama. Mr. Sperling is a PIMCO consultant on U.S. economic policy issues.
