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

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Versum Materials (VSM), with a market capitalization of $2.7 billion, enables chipmakers to achieve higher performance at lower cost with enhanced reliability. Versum is a leading global provider of electronic materials for the integrated circuit and flat-panel display markets.