PIMCO Snags Former Assistant U.S. Treasury Sec.

Feb 10 2006 | 10:09pm ET

Fixed-income fund manager PIMCO has named former Assistant U.S. Treasury Secretary Richard Clarida as executive vice president and global strategic advisor. Clarida, who joins PIMCO from hedge fund firm Clinton Group Investment Advisors, served in the Bush administration from 2001 to 2003. He has also served as chair of the economics department at Columbia University, where he will continue to teach.

In his new role at PIMCO, he will be based in New York and be responsible for providing global macro economic analysis, investment ideas and research to the investment committee and the firm's clients.

PIMCO also made two other appointments to its U.S. offices this week, naming Andrew Balls, former chief U.S. correspondent to The Financial Times, as a senior vice president and strategist in the firm's Newport Beach, Calif., office.

PIMCO also named Edward Devlin, who joins from Lehman Brothers' London office, as a senior vice president and a portfolio manager in the Newport Beach office.

All three new hires will report to Bill Powers, PIMCO managing director, senior portfolio manager and investment committee member. 

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