The Pimco [profile] team said goodbye to a veteran PM last week.

David Hammer PIMCO Head of Municipal Bond Portfolio Management

The Newport Beach, California-based bond fund titan confirms that on June 1 municipal bond portfolio management team co-chief and executive vice president, Joe Deane, retired. David Hammer, who rose to co-chief of the team in January, now serves as sole head of the team.

New York City-based Deane was on the PM team for a number of Pimco closed-end funds, as well as some open-end mutual funds, including: the two-star, $15.4-million Pimco California Municipal Bond Fund; the three-star, $125.3-million Pimco California Intermediate Municipal Bond Fund; the three-star, $857-million Pimco High Yield Municipal Bond Fund; the three-star, neutral-rated, $711.3-million Pimco Municipal Bond Fund; and the two-star, $66.2-million Pimco National Interim Municipal Bond Fund. Hammer joined the PM teams for each fund in August 2015.

Deane is an alumnus of Iona College. He joined Pimco in 2011. Prior to that, he worked at Wamco, Smith Barney/Citigroup Asset Management, Shearson, and E.F. Hutton. He won Morningstar's "fixed income manager of the year" award in 1996 and was a finalist in two other years.

Hammer is an alumnus of Syracuse. A 13-year industry veteran, he worked at Morgan Stanley before joining Pimco in 2012. He went back to Morgan Stanley in 2014, then rejoined Pimco in 2015. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE