Saturday, 20 September 2014
Last updated 1 day ago
Aug 6 2014 | 4:37am ET
Hedge-fund manager Ethan Schwartz has joined Pacific Investment Management Co. as the troubled bond-fund giant seeks to diversify into other asset classes.
Schwartz joined the California firm in New York as a money manager, focused on distressed credit. He formerly covered that area as a senior analyst at Contrarian Capital Management, where the former journalist helped manage about $2.7 billion.
“PIMCO has strong capabilities in distressed debt and opportunistic credit investing,” Schwartz’s new boss, PIMCO corporate distressed chief Sai Devabhaktuni, said. “Ethan’s hiring is another example of the firm’s continued focus on further enhancing our investment platform outside of traditional markets.”
It also comes at a time of turmoil at PIMCO, which manages nearly $2 trillion. The firm’s management underwent a major shakeup in January when co-chief investment officer Mohamed El-Erian—widely seen as the successor to firm founder Bill Gross—unexpectedly resigned amidst reports of disagreements with Gross. In addition, PIMCO’s flagship fund, run by Gross, has suffered a string of outflows.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.