Virginie Maisonneuve, Pimco's chief investment officer for global equities, is resigning as the firm closes two equity strategies, the money management firm disclosed in a statement on Thursday.
Ms. Maisonneuve joined Pacific Investment Management Co. in January 2014. A key part of her mandate was to build up assets in the two strategies the company has decided to close: the EqS Pathfinder Fund, a value equity strategy and the EqS Emerging Markets Fund.
Doug Hodge, CEO of Pacific Investment Management Co., said in a statement that Ms. Maisonneuve will direct the transition and “oversee an orderly liquidation of these strategies.”
In light of the changes, she decided to leave the firm after the liquidation, he said.
Sources say she will not be replaced.
EqS Pathfinder, the largest of the two strategies, had $1.2 billion in assets as of March 31, shows data provider eVestment. The EqS Emerging Markets fund had $81 million in assets as of March 31, eVestment shows.
Pimco made a push into active equities in 2010, saying its investors wanted a firm that could manage money across equity classes.
But the equity strategies that are closing, a key part of Pimco's active equity initiative, were never able to generate significant inflows. The firm has been focusing on retooling its fixed-income operations and stemming billions of dollars in asset outflows following the departure of William H. Gross, former chief investment officer.
In the statement, Mr. Hodge said that equities will continue to be an important part of Pimco's operations. The firm has around $50 billion in equities, mostly in passive strategies and as part of a subadvisory partnership with alternative index provider Research Affiliates.
Randy Diamond is a reporter at sister publication Pensions & Investments.