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Taking the Reins

Jun 1, 2006

PIMCO's enormously successful emerging markets investments are now under the careful watch of Michael Gomez, who took over for Mohamed El-Erian.

Michael Gomez is a man with an unenviable task: measure up to the performance of an enormously popular and successful predecessor. Under the captainship of Mohamed El-Erian, who started directing Pacific Investment Management Company's (PIMCO) emerging market debt investments in 1999, the firm became the most influential investor in the asset class. With El-Erian having moved on to manage Harvard University's $26 billion endowment, Gomez took over PIMCO's $3 billion flagship Emerging Market Bond Fund in October.  All told, PIMCO has nearly $30 billion invested in emerging markets, $8 billion of which is in local currency denominated assets. Beyond size, PIMCO emerging market fund managers have a history of being right. PIMCO bet big on a secular improvement in Latin American credits, and so far that wager has paid handsomely. "Latin American credits continue to march up the credit scale," says Gomez, 33, who also has experience on both the...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management