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Pimco assigns CIO to $2.3bn fund as veteran retires

Pimco assigns CIO to $2.3bn fund as veteran retires

Pimco veteran portfolio manager Curtis Mewbourne is to retire from the company after 17 years.

Mewbourne, who was a manager on the US-domiciled Pimco Diversified Income fund, the Pimco Floating Rate Income fund and the Pimco Diversified Income Active Exchange-Traded Fund, will leave the Newport-based asset manager in September.

He will be replaced on the $2.3 billion Diversified Income fund by Pimco chief investment officer Dan Ivascyn and Alfred Murata, who will manage the portfolio alongside Eve Tournier, head of European credit portfolio management.

Tournier had taken over from Mewbourne on the Dublin-domiciled version of the Diversified Income fund in April 2010.

The same team will also manage the Pimco Floating Rate Income fund and the Pimco Diversified Income Active Exchange-Traded Fund.

Prior to joining Pimco, Mewbourne worked at Solomon Brothers and Lehman Brothers as a bond trader.

Commenting on his departure, Mewbourne said: ‘It has been truly a privilege to work with some of the most talented and hard working professionals in the industry.’

Over the three years to the end of April 2016, the Pimco Diversified Income fund is up 5.1% on a total return basis. Its Citywire-assigned benchmark, the LCI BCGbAggCrdt TRH/ML GbHYBB-B/JPM EMBI Gb(1:1:1), was up 7.99%.

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