(Bloomberg) -- Virginie Maisonneuve, chief investment officer for global equities at Pimco, will be leaving after helping shutter three active stock strategies at the firm.
Pimco will liquidate its Emerging Multi-Asset Fund, the Eqs Emerging Markets Fund and the EqS Pathfinder Fund, according to a filing by the Newport Beach, Calif.-based firm on Thursday with the SEC. The firm said it will continue offering active equity strategies focusing on long-short investing and dividend growth.
Maisonneuve’s departure signals Pimco’s increased focus on enhanced indexing strategies after the three active mutual funds it is closing attracted less than $1 billion since the first one started more than five years ago. Pimco this year has expanded its non-traditional equity offerings through its collaboration with Robert Arnott’s firm Research Affiliates, which is known for its “fundamental indexing” strategies.
“We are evolving our approach to focus on areas that are more fully aligned with our capabilities and clients’ needs,” Douglas Hodge, Pimco’s chief executive officer, said in an e- mailed statement. Maisonneuve “will direct the transition and oversee an orderly liquidation of these strategies. However, in light of these changes she has decided to leave the firm after a transition period.”
Pimco will not be naming another equity CIO, according to a person with knowledge of the matter, who asked not to be identified because the conversations aren’t public.
Pimco oversees about $50 billion in active and enhanced equity strategies. Arnott debuted a method of indexing that shuns the standard way of picking index components based on market capitalization in favor of company fundamentals. Research Affiliates has licensed the use of its proprietary indexes to companies including Atlanta-based Invesco.
Maisonneuve joined Pimco in London from Schroders in January 2014, to lead the push after Neel Kashkari left the prior January.