It used quite a stir when on Friday, Mr. Gross, the legendary co-founder and manager of investments in the firm announced his retreat from the post. Is this a logical and reasonable succession in the harsh world of bonds and investments? According to the media and his colleagues at PIMCO, Ivascyn rise up to the top job does not come as a surprise. Stepping on top of the pyramid, Ivascyn comes with a low profile and a long history of steady successes and impressive performance.
His colleagues call him a ‘beast’ but we can just as well name him the new Bond.
Let’s take a peek at his work profile:
– Ivascyn is the co-manager of Pimco’s $38 billion Income Fund in which he completed a strong year.
– Bloomberg point out that his find has outshined his rivals for the last 5 years
Last year he was announced as the Fixed-Income Fund Manager of the Year by Morningstar.
– He has started working for PIMCO far back in 1998. Before that, he worked at Bear Stearns in asset-backed securities.
– He had an impressive performance after the 2008 financial crisis by his success in betting on non-agency mortgage backed securities.
His colleagues have nothing else but compliments for him and his work. Scott Simon, who managed the mortgage investing at PIMCO until last year, says that Ivascyn is a ‘great investor’ and “his understanding of value and risk-reward is the best he has ever seen,”. “He’s genuinely modest and not power hungry. His real interest lies in building businesses and investing.”
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