Pimco’s equity trading chief exits

Melissa Tuttle, who joined Pimco in 2010 from Goldman Sachs Asset Management, was named global head of equity trading in August 2014 among a raft of appointments by the asset manager’s then chief investment officer for equities, Virginie Maisonneuve, who was recruited to build an equities business for Pimco in its bid to diversify beyond its traditional fixed income base.

The equity growth bid began in 2009 under Pimco’s former chief investment officer and co-founder Bill Gross. However, the firm said in May 2015 it would retrench in its equities business and close some of its active funds, while Maisonneuve left the following month. Gross left Pimco in September 2014 in a shock move to Janus Capital Group.

In June this year, The Wall Street Journal reported that Pimco had cut 3% of its global workforce – a move that entailed closing a further six funds with about $ 260 million in assets, the departure of its dividend equity team and partnering with Research Affiliates on the management of some stock portfolios.

A person familiar with the situation confirmed that Tuttle’s last day was August 19. She will not be replaced.

Tuttle is expected to remain in the financial sector.

Prior to Pimco, Tuttle had been an executive director at GSAM, where she was responsible for developed market and emerging market equity, future, swap and exchange-traded fund execution. Before that, she worked as a vice-president in equity trading for Prudential Investments and has also been a trader at HSBC Asset Management.

Of the bond giant’s assets, about $ 41 billion are managed in equities. Pimco is looking to expand further into private credit and alternatives. In July the firm confirmed it had hired Manny Roman, who had overseen a diversification drive at the world’s largest listed hedge fund manager Man Group, as its chief executive.

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