Global equity head set to depart PIMCO

The person at the helm of US bond giant PIMCO’s push into the equity funds market is set to step down from the California-based company, it has emerged.

Former US Treasury adviser Neel Kashkari was handed an all-encompassing head of global equities role in September 2011 as part of plans to accelerate PIMCO’s diversification into mutual funds.

However, according to industry reports, Kashkari is departing the firm in order to pursue political ambitions as a Republican candidate in California.

Kashkari had joined the firm in 2009 as part of a mission undertaken by company chief Bill Gross and his team to assemble a strong management team for its equity unit.

During his tenure, Kashkari had sought out new talent for the equity team, such as two global equity portfolio managers and an analyst from New Mexico-based group Thornburg Investments.

He has overseen the launch of six equity funds for US investors since being handed the equity remit.

Away from the funds industry, the former Goldman Sachs man is noted for his involvement in the $700 billion TARP bailout programme launched as the US Treasury’s response to the 2008 financial crisis.