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.