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Monday, September 29, 2014

Who is Dan Ivascyn?

News summary by MFWire's editors

Until Friday Bill Gross was the PM of Pimco's flagship Total Return Fund. Starting Monday, the $221 billion in the fund became the responsibility of a trio of co-PMs: Scott Mather, Mark Kiesel and Mihir Worah.

But all eyes will be on Dan Ivascyn, the man they are reporting to and who many expect to take over as the public face of Pimco and perhaps its next leader. At the same time, Doug Hodge should become more entrenched as the Pimco's CEO and business leader.

One thing that you should not expect is for a return of Mohamed El-Erian. In an interview with Reuters of the weekend, Hodge pretty much ruled that possibility out:
"We made some very clear decisions about the leadership of this firm with regard to Dan (Ivascyn) as our group CIO and the team of investors and leaders we have in place."
So who is Ivascyn?

The 45-year-old, Massachusetts native spent his undergrad years in the L.A. area at Occidental before earning a graduate degree at the University of Chicago. (He still roots for the Boston teams -- the Celtics, Bruins, Red Sox and Patriots). He then started to climb the rungs of the financial services industry at T. Rowe Price and Fidelity Investments before joining Bear Stearns where he worked in the asset-back securities group.

He jumped to Pimco in 1998. Notedly, that places him at the bond giant prior to its acquisition by Allianz.

He also has a strong track record as a PM of the $38 billion Pimco Income Fund, placing the fund in the first percentile of its peer group for the past three and five years after making bets on non-agency-backed mortgage bonds as the nation was coming out of the 23008-2009 financial crisis.

Morningstar named him their Fixed Income Manager of the Year for 2013 along with co-PM Alfred Murata.

Like Gross, Ivascyn is consumed by investing. A former boss at Pimco told Bloomberg that he was nick-named "The Beast" and that he often spends weekends on research rather than pleasure:

"He would come in on a Monday and say, 'Oh My God, this deal's unbelievable,'" former Pimco head of mortgage investing Scott Simon told Bloomberg. "He's awesome. He has a great sense of risk-reward. A great sense of value." 

Edited by: Sean Hanna, Editor in Chief


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