Money Management

PIMCO hires heads of European high yield

David Forgash was named executive vice president and head of European high-yield portfolio management at Pacific Investment Management Co., a spokeswoman said.

The position is new. Mr. Forgash is responsible for the firm's investments in the European high-yield market, reporting to Eve Tournier, managing director and head of European credit portfolio management.

"(Mr. Forgash) brings significant experience and knowledge of the European high-yield market to our business. He will be a great addition to our investment team and will enhance our ability to provide investment opportunities to our clients," Ms. Tournier said in a news release.

Mr. Forgash joins from Millennium Capital Partners, where he was a senior portfolio manager focusing on European credit. A spokesman could not be reached to comment about a replacement.

PIMCO has €10 billion ($12.3 billion) in European high-yield investments under management.