NEWPORT BEACH, CA--(Marketwired - Jan 27, 2016) - PIMCO, a leading global investment management firm, has named David Hammer, Executive Vice President and Portfolio Manager, Co-head of the firm's Municipal Bond Portfolio Management team as Joe Deane, an industry veteran and the desk's leader for five years, plans to retire after a 45-year career in the municipal bond market.

Mr. Hammer and Mr. Deane will run the desk together until late May to facilitate a smooth transition of duties leading up to Mr. Deane's retirement. They will continue to co-manage muni portfolios during the transition and will continue to report to Marc Seidner, Managing Director, Chief Investment Officer - Non-traditional Strategies and Head of Portfolio Management in PIMCO's New York office.

"I'm very proud of the team we've built in our municipal bond business and Dave and the talented team of portfolio managers we've assembled over the years will continue to help deliver value to our muni clients," said Mr. Deane.

Mr. Seidner added: "Joe has done an incredible job of strengthening our muni business and under Dave's leadership, PIMCO's market-leading municipal bond portfolio management and credit research teams will seek to continue to deliver strong performance to our clients."

Mr. Hammer, who has 12 years of investment experience, rejoined PIMCO in 2015 from Morgan Stanley, where he was a managing director and head of municipal trading, risk management and research. Previously, he was senior vice president and muni portfolio manager at PIMCO.

"I am grateful to have had the opportunity to work with and learn from Joe," said Mr. Hammer. "I look forward to working with him over the coming months to make the transition seamless for our clients and to prepare for the next chapter in the expansion of this key business for the firm."

PIMCO is one of the largest municipal bond investors in the world, with current assets under management of approximately $40 billion, as of the end of last year. The firm's Municipal Bond Portfolio Management team combines robust and bottom-up credit research with PIMCO's time-tested investment process.

"Munis have been an important offering as we pursue the very best opportunities in the global fixed income markets on behalf of our clients, and we will continue to grow our muni business under Dave's leadership," said Daniel Ivascyn, Group Chief Investment Officer.

About PIMCO
PIMCO is a leading global investment management firm, with offices in 12 countries throughout North America, Europe and Asia. Founded in 1971, PIMCO offers a wide range of innovative solutions to help millions of investors worldwide meet their needs. Our goal is to provide attractive returns while maintaining a strong culture of risk management and long-term discipline. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider.