Jay Jacobs (pictured), president and managing director of US asset manager Pimco, will exit the firm on 30 September 2017. Jacobs who spent 19 years at Pimco will continue to serve the firm as adviser to Emmanuel Roman, CEO of Pimco.
In January 2018, Jacobs will join Georgetown University’s Center for Financial Markets and Policy as a distinguished global fellow.
His responsibilities will be assumed by Robin Shanahan and Peter Strelow, both managing directors, and named co-chief operating officers. Both will report to Pimco’s CEO.
Shanahan has been with the firm for 10 years and is currently the firm’s global head of Human Resources while Strelow joined Pimco 15 years ago and is currently the chief administrative officer and global head, Funds.
“Robin and Peter are talented and experienced executives and I am excited that they will join Pimco’s executive office to help the firm capitalize on the opportunities that we see right now in the asset management industry,” said Roman.
“Robin and Peter’s experience overseeing key business functions and their skill in managing and mentoring Pimco employees will serve our employees and clients well in their new roles.”
He added: “Through almost two decades at Pimco, Jay has made an invaluable contribution to the firm, our employees and clients and the firm’s strength and stability today are testament to Jay’s focused leadership.
“Although I am saddened by Jay’s departure, I am pleased that he has agreed to continue in an advisory role to me so I can draw on his wealth of experience and excellent judgment in many facets of the asset management industry.”