PIMCO Dynamic Credit Income Fund Announces Portfolio Manager Change
NEW YORK--(BUSINESS WIRE)--PIMCO Dynamic Credit Income Fund (NYSE:PCI) (the “Fund”) and Pacific Investment Management Company LLC (“PIMCO”), the Fund’s sub-adviser, announced that effective immediately, Daniel J. Ivascyn will join the Fund’s portfolio management team and Marc P. Seidner will no longer be a portfolio manager for the Fund. Alfred T. Murata, Mark R. Kiesel, Elizabeth MacLean and Sai S. Devabhaktuni will continue as portfolio managers on the team along with Mr. Ivascyn.
Mr. Murata will replace Mr. Seidner as lead portfolio manager primarily responsible for the day-to-day management of the Fund. He, along with Mr. Ivascyn, is a co-manager for the PIMCO Dynamic Income Fund (NYSE:PDI).
Mr. Ivascyn and Mr. Murata were named 2013 U.S. Fixed Income Managers of the Year by Morningstar.
Mr. Ivascyn is a Managing Director and a Deputy Chief Investment Officer at PIMCO. He is a member of the firm’s Executive Committee and head of its mortgage credit portfolio management team. He joined PIMCO in 1998 and has 20 years of investment experience. He was previously in the asset-backed securities group at Bear Stearns. Mr. Ivascyn holds an M.B.A. in analytic finance from the University of Chicago Graduate School of Business and an undergraduate degree from Occidental College.
Allianz Global Investors Fund Management LLC (“AGIFM”) serves as the Fund’s investment manager and retains PIMCO as its sub-adviser. AGIFM is an indirect, wholly-owned subsidiary of Allianz Asset Management of America L.P. and a member of Munich-based Allianz Group. PIMCO is an affiliate of AGIFM.
The Fund’s daily New York Stock Exchange closing market price, net asset value per share, as well as other information, including updated portfolio statistics and performance, are available at http://us.allianzgi.com/closedendfunds or by calling the Fund’s shareholder servicing agent at (800) 254-5197.
The Morningstar Fixed-Income Fund Manager of the Year award is based on the strength of the manager, performance, strategy, and firm’s stewardship.
Statements made in this release that look forward in time involve risks and uncertainties and are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund’s performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.