Bloomberg News reports that Matthew Sparacino, a managing director at Claren Road who helped oversee $80m worth of positions in Caesars Entertainment, will cover gambling and health care from New York starting in July, said two of the people, who asked to not be identified because the hiring hasn’t been made public.
He will focus in liquid, event-driven strategies across the credit spectrum, the people said. Claren Road is majority owned by Carlyle Group.
In the meantime, Bloomberg also reports that more than five years after Pacific Investment Management Co. started its third effort to add stock-picking strategies to its lineup of bond funds, the firm is retreating again.
Pimco said Thursday that it will close three active stock mutual funds and instead focus on enhanced indexing strategies. Virginie Maisonneuve, chief investment officer for equities, will leave next month as part of the shift, and the role goes with her - Pimco has no plans for a new CIO of equities, a person with knowledge of the matter said.