Wendy Cupps, a managing director at Pacific Investment Management Co. who oversaw product management, is retiring at the end of this year to spend more time with her family and figure out her next move.
“I'm retiring from PIMCO and the industry, but I'm going to have to do something — something different,” Ms. Cupps said in an interview Wednesday at PIMCO's headquarters. “I've been giving it my all and will continue to do so until the end of the year and then I'll think about all the rest later.”
She will be replaced by Jennifer Bridwell, who currently oversees alternative product development, duties she will continue in her new position.
Ms. Cupps, who worked at the $1.5 trillion firm since 1994 and coordinated development and marketing of funds that meet clients' risk-return goals, said she began planning her departure earlier this year. She was named last month in Bill Gross' lawsuit against PIMCO as part of a “cabal” of executives that plotted his ouster. Ms. Cupps declined to comment on the case. She said the report of her 2013 bonus was inaccurate, and declined to comment further.
Alternative products, such as hedge funds and private equity investments, will remain at about $25 billion as the firm continues to focus primarily on fixed-income related securities, Ms. Bridwell said.
“We're not an investment supermarket,” said Ms. Bridwell. “We're not going to have an investment and a fad for every trend that comes along.”
Ms. Cupps is one of eight members of PIMCO's executive committee, which sets strategic direction for the firm. A new member will be elected later this year to replace her. She also serves as treasurer of the PIMCO Foundation, which supports corporate volunteers, education, arts and small business programs.
