Morning Coffee: When a dud year is no barrier to a new 7 figure job. Barclays’ bankers find exciting new homes
Pimco is hiring. The house of Gross wants to recruit 16 'thematic equities' investment specialists for its new equities business, which is run by French fund manager Virginie Maisonneuve. Today, Pimco has reportedly made a hire, but it doesn't quite fit the thematic equities mould - the latest recruit is Geraldine Sundstrom, the ex-Brevan Howard portfolio manager who previously ran Brevan Howard's $2bn Emerging Markets Strategies Master Fund, where she invested in interest rates, currencies and bonds.
Sundstrom's new role could be a challenge. Pimco's emerging markets strategy looks a little confused. The Financial Times reported yesterday that Pimco's senior emerging markets fund managers have been busy buying Brazilian bonds this year, even though Pimco CIO and founder Bill Gross's sold Brazilian bonds last year and said he was reducing exposure to the country. Sundstrom is, at least, likely to be well rewarded for navigating this political minefield. In 2012 (the most recent year for which figures are available), Pimco's seven London-based directors shared compensation of £50m, suggesting that Sundstrom's package as a managing director could be substantial. Sundstrom's departure from Brevan Howard in February 2014 was preceded by a reported decline of 15% in the fund she managed there. That doesn't seem to have prevented her from walking into the new Pimco job, however.
Separately, all is not lost for Barclays' unwanted bankers. Deutsche Bank has reportedly hired Marc Benton, Barclays' former co-head of natural resources for Asia. Not only has Benton got a Deutsche job, but he seems to have secured a promotion at the German bank - he's going in as sole head of European energy investment banking. It's not clear whether Benton quit voluntarily or left as part of Barclays' plan to pare back its coverage of local Asian markets. Either way, other Barclays' bankers may want to follow his lead.
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