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Wednesday, February 16, 2005
Pimco Dumps PEA for Oppenheimer Capital
Pimco and parent Allianz Global Investors have decided to switch the subadvisor on two formerly PEA Capital-subadvised funds after the departure of the funds' PEA portfolio manager.
Schneider, a portfolio manager with New York-based PEA Capital, is leaving the firm for "personal reasons" and moving to Philadelphia, the company announced in a release.
As a result, Pimco will tap another one of its affiliated money managers -- Oppenheimer Capital -- to subadvise the formerly PEA Renaissance Fund and PEA Value Fund. In light of the change, the funds will also be renamed the OpCap Renaissance Fund and the OpCap Value Fund.
Oppenheimer Capital, based in New York City, manages approximately $35 billion in assets.
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