Newport Beach-Based Pacific Investment Management Co. will have a new “overseer” on July 1, when Jacqueline “Jackie” Hunt assumes responsibility for the U.S. asset management and life insurance businesses for PIMCO parent company Allianz, a Munich, Germany-based insurer.
PIMCO Chief Executive Douglas Hodge will report to Hunt, the Wall Street Journal reported, but managers will remain in charge of investment strategies and decisions.
Bloomberg Business reported that Hunt will try to rein in PIMCO costs, which have risen significantly as it established a bonus plan for employee retention and boosted marketing in the wake of the departure of co-founder Bill Gross in late 2014.
Hunt will replace Jay Ralph on Allianz’s board of directors in July. She will be based in Munich.
Ralph resigned to spend more time with his family.
—Michael de los Reyes
