Pimco LLC hires Devin Chen as the manager and the company’s commercial real estate executive vice president. The company said that Chen will begin working for them in November 8, 2010, and will be positioned in its headquarters at Newport Beach, California.
The Pacific Investment Management Company or Pimco is a global bond manager and solutions firm. It is the company that is behind the world’s leading mutual funds worth $252 billion—Pimco Total Return which is run by Bill Gross, Pimco’s co-founder.
Pimco’s managing director and senior member of the company’s portfolio management group Dan Ivascyn said that the newly-hired David Chen will help the company develop its capabilities in a very essential market—commercial real estate, where the company foresees several considerable opportunities for its clients.
Devin Chen has 14 years of finance experience and commercial real estate investment. He was recently working as a partner at JER Partners, a classified equity real estate investment business with more than $4 billion in capital commitments.
Chen was an associate of JER Partners investment committee and its managing director for 11 years, as well as an expert investor in commercial real estate.
The company is owned by its autonomous subsidiary Allianz SE, a global insurance and financial corporation based in Germany. It is formerly a unit of Pacific Investment Management Co. Pimco is managing approximately $1.2 trillion assets as of September this year, and has about 1,300 employees.
Pimco has offices in London, Tokyo, New York, Sydney, Zurich, Singapore, Amsterdam, Munich, Toronto, and Hong Kong. Its clients include municipal, state, retirement plans, as well as private and union sector pensions, and commercial real estate.