August 18, 2009 |
The Federal Reserve Bank of New York plans to get along without the help of bond giant Pimco or Goldman Sachs Group as the central bank continues its massive purchases of mortgage-backed securities. The New York Fed on Monday said it had "streamlined" its 8-month-old, $1.25-trillion program to buy mortgage bonds from four investment managers to two. Saying the changes were "not performance related," the bank said it was retaining Wellington Management Co. and BlackRock Inc. Newport Beach-based Pacific Investment Management Co. and Goldman Sachs Asset Management will exit.
September 12, 2007 |
Star money manager Mohamed A. El-Erian is returning to Newport Beach-based investment giant Pimco in a move that puts him in line to take the helm of the company. El-Erian, who left Pimco less than two years ago to run Harvard University's endowment fund, is coming back to the firm in the newly created post of co-chief executive and co-chief investment officer, Pimco said Tuesday.
January 17, 2007 |
Bill Gross, manager of the world's biggest bond fund at Newport Beach-based Pacific Investment Management Co., has pared his Treasury holdings to the lowest level in six months. Gross and a growing number of investors are reducing Treasury bonds in favor of mortgage-backed securities as expectations for lower interest rates this year fade.
October 27, 2006 |
Stephen Treadway, the former chief executive of Pimco Advisors Distributors, agreed to pay $572,000 to settle Securities and Exchange Commission allegations that he engaged in mutual fund market timing. Treadway, 59, also agreed to a one-year ban on serving as an officer or director of an investment company, the SEC said Thursday. A federal jury found Treadway guilty of fraud, breaching fiduciary duty and other violations of securities laws in June.
July 1, 2006 |
A federal jury in New York on Friday found that the former head of Pimco stock funds violated securities laws, handing the Securities and Exchange Commission a major victory in its pursuit of mutual-fund trading abuses. The civil verdict came against Stephen Treadway, the former chief executive of Pimco Advisors Distributors, who had been accused by the SEC of helping a hedge fund improperly trade mutual-fund shares.
June 20, 2006 |
A former Pimco executive betrayed investors and violated securities laws when he approved a secret deal with a hedge fund that put its interest ahead of mutual fund investors, a government lawyer said at the start of a civil fraud trial Monday in New York. In May 2004, the Securities and Exchange Commission brought charges against Stephen Treadway, who at the time headed Pimco Advisors Distributors, which sells Pimco mutual funds.