Forty-one-year finance veteran Joe Deane has joined bond giant PIMCO as an executive vice president and head of the muni portfolio management team, the company announced Tuesday.
Deane comes from Western Asset Management Co., a subsidiary of Legg Mason Global Asset Management, where he was a managing director and co-head of the tax-exempt group. He previously spent 12 years at Smith Barney/Citigroup Asset Management, where he was head of tax-exempt investments until 2005.
"Joe is one of the most highly regarded municipal bond portfolio managers in the industry," said Curtis Mewbourne, head of the firm's New York portfolio management group. "His leadership of our municipal bond team will help enhance the value PIMCO delivers to our clients."
Julie Callahan, another grab from Western Asset, was named a senior vice president and municipal bond portfolio manager.
She has 16 years of investment experience. At Western Asset, she was a portfolio manager of municipal separately managed accounts and muni money market funds.
The two will be based in New York City beginning July 18.
"Joe and Julie, together with our existing strong municipal bond team, will cultivate the many opportunities that exist in this important sector," Mewbourne said in a press release.
Earlier in his career, Deane was a portfolio manager with Shearson and E.F. Hutton.
Callahan was previously a portfolio manager of municipal money market funds with Citigroup Asset Management.
Recent departures from PIMCO include Bob Fields, who left in April after 10 years to join JPMorgan Asset Management as an executive director and client portfolio manager in its tax-aware fixed-income group. Danford Peterson, a senior vice president and portfolio manager with a focus on muni bonds, also left in April to join the trading group at Jefferies & Co.
