US - Emerging markets star portfolio manager, Mohamed El-Erian (pictured), is to leave PIMCO to head up the $25.9bn Harvard endowment fund.
El-Erian succeeds Jack R. Meyer, as president and CEO at Harvard Management Company (HMC), who left at the end of September.
Michael Gomez, senior vice president, who joined PIMCO from Goldman Sachs in 2003 succeeds El-Erian as head of the emerging markets portfolio management team.
El-Erian spent six and a half years at PIMCO where he was one of 27 managing directors and responsible for $16bn in strategic emerging market debt portfolios, $12bn in tactical emerging market exposures, and $4.7bn in broader fixed income mandates.
HMC board member Peter Nadosy, who has been serving as interim CIO since Meyer's departure, will continue as CIO until El-Erian assumes his position on a full-time basis in 2006.
In fiscal 2005, the Harvard endowment achieved a total investment return of 19.2%, net of all expenses and negotiated fee offsets.
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.