PIMCO hands equity reins to ex-Harvard man

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Former Harvard University endowment investor Marc Seidner has taken temporary charge of bond powerhouse PIMCO’s nascent equity unit, Citywire Global understands.

Seidner, who holds what the California-based company term as a 'generalist' portfolio manager role, has succeeded Neel Kashkari on an interim basis until the firm finds a long-term replacement.

It was revealed last month that Kashkari was set to step down from his role as head of global equities after three years with the firm to pursue political ambitions.

Under his stewardship, PIMCO had seen the equity department grow to include 45 members of staff across portfolio management, research and analysts.

One of the core additions had been two portfolio managers from Thornburg Investments, a New Mexico-based investment boutique. It is understood the team is developing a dividend strategy.

Speaking to Citywire Global, a spokesman for PIMCO said the development of the equity department remains on track and the structure Kashkari himself put in place will help ease the transition in department heads.

Seidner had previously worked with PIMCO chief executive Mohammed El-Erian at Harvard and also held portfolio management roles at Standish Mellon Asset Management and Fidelity Management and Research. He has 24 years of investment experience.