NEWPORT BEACH, CA — (Marketwire) — 01/09/12 — PIMCO, a leading global investment management firm, has hired Sai S. Devabhaktuni as an Executive Vice President and Head of Corporate Distressed Portfolio Management. In this new role, Sai will strengthen the leadership of existing distressed credit portfolio managers and analysts. He will be based in the firm-s Newport Beach office and will report to Marc Seidner, a Managing Director and portfolio manager overseeing global credit.
“Sai brings 19 years of investment experience to PIMCO with a proven record successfully investing in distressed securities across economic cycles,” said Mr. Seidner. “With uncertain global economic conditions and volatile markets, opportunity for investing in distressed companies will likely increase in coming years. Sai-s expertise will continue PIMCO-s expansion in the market for distressed securities and ongoing efforts to provide investors with global solutions.”
Mr. Devabhaktuni was Founder and Managing Principal of Monocle Group LLC, an investment firm focused on opportunities in stressed and distressed securities, post-reorganization securities and special situation equities. Previously he was one of three Managing Principals for 12 years with MHR Fund Management LLC, a New York-based private equity firm specializing in the distressed securities market. Investors in MHR include leading endowment, pension and sovereign wealth funds. Earlier in his career Mr. Devabhaktuni was an analyst with Highbridge Capital Management LLC and Nomura Securities. He earned his BS in Economics from The Wharton School of the University of Pennsylvania.
PIMCO is a leading global investment management firm, with offices in North America, Europe and the Asia Pacific. Founded in 1971, PIMCO offers a wide range of innovative solutions to help millions of investors worldwide meet their needs. Our goal is to provide attractive returns while maintaining a strong culture of risk management and long-term discipline. PIMCO is a subsidiary of the Munich-based Allianz S.E., a leading global diversified financial services provider.
Investing in distressed companies (both debt and equity) is speculative and may be subject to greater levels of credit, issuer and liquidity risks, and the repayment of default obligations contains significant uncertainties; such companies may be engaged in restructurings or bankruptcy proceedings.
Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO-s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
Contact:
Michael Reid
PIMCO – Media Relations
212-739-3253