Contrarian’s Schwartz Joins PIMCO

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.


In Depth

PAAMCO: Will Inflation Deflate the Asset Bubble?

Jan 30 2018 | 9:49pm ET

As the U.S. shifts from monetary stimulus to fiscal stimulus, market pricing should...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Boost Hedge Fund Marketing ROI By Raising Your ROO

Feb 14 2018 | 9:57pm ET

Tasked with delivering returns on client capital, a common dilemma for many alternative...