Pacific Investment Management Co. hired Neel Kashkari, the former head of the federal government's Troubled Asset Relief Program, to lead its new investment initiatives, according to The Wall Street Journal.
The giant bond manager also hired two stars from Franklin Resources as part of its expansion into the equities business.
Kashkari, a former Goldmanite, had been assistant secretary at Treasury and ran the $700 billion bailout program until May. He spent much of the past four months doing a "Washington detox" -- chopping wood, building a shed and walking two Newfoundland dogs in the woods of Northern California, according to the Washington Post.
In his new job, he'll be based at PIMCO's Newport Beach, Calif., headquarters, which overlooks the Pacific Ocean.
He'll be joined by Franklin's Anne Gudefin and Charles Lahr, co-managers of the Franklin Mutual Global Discovery Fund. They will manage PIMCO's new global equity investment strategies with a "deep value" style approach.
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