Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Pimco’s London head becomes latest senior executive to leave

Pimco’s London head becomes latest senior executive to leave
Joseph McDevitt, the Pimco managing director who leads its London office, has become the latest senior executive to leave the firm, Wealth Manager can reveal.

McDevitt, 60 years old, is to retire from Pimco at the end of the month. He joined Pimco in 1998 and opened its first European office in London.

Bill Benz, Pimco’s head of Europe, the Middle East and Africa, will be assuming McDevitt’s responsibilities for the UK as well as for Benelux and Nordics.

‘After a 24-year career in the investment management industry and 16 wonderful years at Pimco, I am proud of the many things we accomplished during my tenure,’ said McDevitt.

‘Last year as I started talking to colleagues about my retirement plans, I was as confident then as I am now that the firm is very well positioned to continue to deliver world-class value to our clients and to be a leader in the investment management industry for many years to come.’

Prior to joining Pimco, McDevitt was a managing director responsible for business development and client services at Salomon Brothers Asset Management in London.

Pimco was rocked at the start of the year by the sudden resignation of chief executive Mohamed El-Erian, which subsequently soured into an acrimonious public spat with the firm’s co-founder Bill Gross (pictured).

Managing directors Charles Lahr and Marc Seidner, who served as interim head of equities, have also left Pimco so far this year.

Set against these exits, however, Pimco has since January promoted six star managers to the role of deputy chief investment officer to work with Gross.

They are Citywire AAA-rated Scott Mather, + rated Mark Kiesel, + rated Andrew Balls, Mihir Worah, Virginie Maisonneuve, and Dan Ivascyn.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Taxicab Tenner: AXA IM's Nicolas Trindade

Taxicab Tenner: AXA IM's Nicolas Trindade

After a summer break, it is the turn of AXA Investment Manager's Nicolas Trindade to give a £10 view of how fixed income is faring.

Play Wealth Manager Olympics: the Relay

Wealth Manager Olympics: the Relay

In the final round of the Wealth Manager Olympics, our intrepid athletes team up for the relay.

Play Wealth Manager Olympics: the Shot Put

Wealth Manager Olympics: the Shot Put

After busting a gut in the 100m sprint, our wealth manager Olympians displayed their brute strength in the shot-put.

Read More
Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter