UK – PIMCO has hired Paul Craven, the former head of UK institutional sales at Schroders.

Fixed-income asset manager PIMCO, part of German insurer Allianz, said that Craven would join as senior vice president and head of institutional business development for the UK in September.

Craven is the latest in a series of senior staff to leave Schroders. Last month its head of pan-European research, Nick Anderson, joined Insight Investment. And Chris Rodgers moved to HSBC Asset Management as head of UK equities in March.

A Schroders spokeswoman said: “We are going to be replacing him.” She said the firm is looking for the best person and was probably looking externally.

At PIMCO, Craven will report to Joe McDevitt, head of PIMCO Europe. "Paul brings to PIMCO a strong fixed-income background and a deep knowledge of the UK institutional marketplace developed during his years at Schroders," McDevitt said.

"We see an important role for an innovative, specialist fixed-income manager like PIMCO in the rapidly evolving UK pension fund arena and Paul has the requisite skills and experience to help us connect more effectively to this marketplace."

Craven's appointment follows the hiring of Mike Amey as senior vice president of UK fixed income.