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PIMCO poaches BGI's Pardi as southern Europe head

UK/EUROPE- Specialist fixed income manager PIMCO has appointed PeterPaul Pardi as head of business development for southern Europe. Pardi was most recently head of southern European institutional business at Barclays Global Investors. Pardi, who joined this week and is based in London, reports to Joe McDevitt, head of PIMCO in Europe.

At BGI, he was responsible for the firm's non-UK non-Benelux European client relations, a remit that amounted to $13bn in assets under management. While at BGI, he and a team of six built a business development strategy for what were then new markets including France, Spain, Italy and Portugal.

McDevitt says PIMCO is trying to extend its reputation as a local bond manager further into Europe. It already has limited experience in markets like France and Italy, either off its own back or through Allianz, its majority owner. Spain and Portugal are both virgin territory for the California-based manager.

"The addition of Pardi who is highly experienced in southern Europe, will be crucial to our success in a region where asset managers and clients tend to work one on one, rather than through an intermediary," says McDevitt.

Pardi speaks English, Italian, French, Spanish and German.

PIMCO manages $258bn, of which $12bn is in continental Europe and the UK.

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