Newport Beach-Based Pacific Investment Management Co. will have a new “overseer” on July 1.
PIMCO’s parent company Allianz, a Munich, Germany-based insurer, announced that Jacqueline “Jackie” Hunt will be responsible for all of its U.S. asset management and life insurance businesses.
PIMCO Chief Executive Douglas Hodge will report to Hunt, the Wall Street Journal reported, but PIMCO’s managers will remain in charge of investment strategies and decisions.
Bloomberg Business reported that Hunt will look to rein in costs at PIMCO, which have risen significantly as the firm established a bonus plan for employee retention and boosted marketing in the wake of the departure of cofounder 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.
Hunt has 25 years of experience and led Prudential’s insurance business in Europe and Africa prior to joining Allianz.
PIMCO employs 1,380 people in Orange County and has $1.43 trillion in assets under management.