Taking the Reins
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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