Pimco, the huge bond manager, is doing just fine during the financial meltdown. It probably avoided putting money into risky mortgage-backed paper. As the national credit crisis got worse, investing in bonds became more attractive by the hour.
Now Pimco has asked a number of Wall St. firms for the lists of all the people they fired. It wants to go over these to see if some of the better people might make good Pimco employees. As one of the bond companies top managers told the FT “There is a lot of tremendous talent out there. This seemed to us the most direct route to reach out to them.”
What a great way to save money on executive recruiting fees. Go short Heidrick & Struggles.
Douglas A McIntyre
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