Citywire + rated Pimco portfolio manager Jeremie Banet is to retire from the firm to pursue personal interests.
As a result, he has been removed from a slew of funds, including the $9.7 billion Pimco Real Return fund.
According to a filing with the Securities and Exchange Commission (SEC), Stephen Rodosky is to replace Banet on the fund, joining Citywire + rated Mihir Worah, managing director and CIO of asset allocation and real return.
Banet will come off several other funds, which include:
- The $5 billion Pimco Commodity Real Return Strategy fund;
- the $1.5 billion Pimco Real Estate Real Return Strategy fund;
- the $787 million Pimco Inflation Response Multi-Asset fund;
- and the $227.8 million Pimco Long-Term Real Return fund.
On the Commodity Real Return Strategy, Rodosky is to join Worah, Nicholas Johnson and Greg Sharenow.
On the Real Estate Real Return Strategy and the Inflation Response fund, Rodosky is to join Worah and Johnson.
On the Long-Term Real Return fund Rodosky is to join Worah.
Banet’s last day at the firm is to be February 28. According to a Pimco spokeswoman, he will help with the transition ahead of his departure.
The spokeswoman said Citywire AA-rated Lorenzo Pagani has also joined the Real Return team.
‘Pimco’s Real Return desk has a team-based approach to managing portfolios, and as senior members of Pimco’s portfolio management team Steve and Lorenzo bring valuable insights to the team’s investment process,’ she said.
The Pimco Real Return fund is ranked 12 out of 41 in Inflation Protected Bond funds tracked by Citywire for the three years to the end of November. During that time the fund was up 5.4% compared with the sector average, which was up 4.9%, and the Bloomberg Barclaus U.S. TIPS TR index’s 5.1%.
Wellington PM to step off Vanguard fund
Wellington Management Company portfolio manager Kenneth L. Abrams is to step off a Vanguard fund he has managed for 25 years, according to a filing with the SEC.
The Citywire + rated Abrams will stop managing Wellington’s portion of the $13.5 billion Vanguard Explorer fund effective January 1, 2020. According to the filing, he will continue to manage other Wellington strategies.
Daniel J. Fitzpatrick, who has been named on the fund since 2014, will continue to manage Wellington’s portion of the fund after Abrams’ departure.
The Vanguard Explorer fund was launched in 1967 and is also subadvised by ArrowMark Colorado Holdings, Vanguard Group, Stephens Investment Management Group and ClearBridge Investments.
The fund is ranked 44 out of 140 Small-Cap Growth funds tracked by Citywire. In the three years to the end of November it was up 45.5% compared to the sector average of 40.5%, while the Russell 2500 Growth TR index returned 36.7%.
A Wellington spokeswoman did not return a request for comment before publication.