Citywire A-rated manager Saumil Parikh is set to leave PIMCO in mid-January after over 14 years with the California-based asset manager.
Parikh had overseen a host of different funds covering bonds, mixed assets and commodities during his tenure.
A spokesperson for PIMCO confirmed to Citywire Global that Parikh would be replaced on the fund by Marc Seidner, who re-joined the company in November of last year.
Parikh had previously worked as part of the team overseeing the PIMCO GIS Global Multi-Asset fund, which had been managed by Parikh, Curtis Mewbourne, Vineer Bhansali and previous co-chief investment officer Mohamed El-Erian.
Following the array of changes at the company over the past four months, Citywire A-rated manager Mihir Worah is now the sole lead on this strategy.
Parikh’s other funds were the PIMCO Selected Unconstrained Bond fund and the Harbor Unconstrained Bond fund, a mandate-version of the PIMCO strategy. Both of these will be run by Seidner, Ivascyn and Fahmi, as well as the unconstrained bond fund management team.
The PIMCO GIS Unconstrained Bond fund returned 7.9% over the three years to the end of December 2014 in US dollar terms. This is while its Citywire benchmark, the Citi WGBI (Hedged USD) TR, rose 13.5% over the same timeframe.