PIMCO promotes ex-bank bailout chief Kashkari

Neel Kashkari has become head of global equities at PIMCO, while the firm has also strengthened its equity team with two hires from Thornburg Investment Management.

The group has promoted Kashkari from head of new investment initiatives in a move to expand its active equity portfolios.

Kashkari worked for the US government in 2008 as  the first head of its $700bn TARP financial rescue programme before joining PIMCO in 2009.

Brad Kinkelaar and Cliff Remily, formerly of Thonburg Investment Management, have joined the firm as global equity portfolio managers.

"The addition of this proven equity portfolio management team is another important step in the measured and deliberate approach we are taking to build PIMCO's growing active equities investment platform," said Kashkari.

"Both managers are outstanding investors who will lead our efforts to offer income-focused global equity strategies to our clients worldwide."