People, investors included, like to chase stars, but what's a fundster to do when their star leaves?
In the wake of Bill Gross'
dramatic departure in late September, Pimco
] CEO Doug Hodge
has been emphasizing the strength of his team at the once star-driven fixed income giant. And Hodge is still adding to that team, too. Fundsters looking for a new job, it's time to brush up your resumes.
Luciana Lopez of Reuters talked
to Hodge last week at the annual meeting of SIFMA
(the Securities Industry and Financial Markets Association, a trade group full of broker-dealers). Hodge reportedly revealed that Pimco will be revealing more new hires soon, and he characterized hiring top PMs and traders as a big priority for him. He also described Pimco as driven by not one but many stars.
Pimco's ads at SIFMA, Reuters
reports, featured the slogan "We are Pimco."
It's hard to build a team brand in the shadow of a giant star. But once the star leaves, or fades, or collapes, well, that team branding becomes oh so important. Just ask post-Peter Lynch Fidelity or post-2008 Legg Mason.
Neil Anderson, Managing Editor
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