Pimco hires Devin Chen to manage commercial real estate portfolio
Pimco hired David Chen as executive vice president and manager of its commercial real estate portfolio. Pimco, a global investment management firm and bond buyer, said Chen begins his position Nov. 8 and will be based in the Newport Beach, Calif., headquarters. "Devin Chen … will expand our capabilities in an important market where we see significant opportunities for our clients," said Dan Ivascyn, managing director and a senior member of Pimco's portfolio management group. Chen has 14 years of commercial real estate investment and finance experience, most recently at JER Partners, a private equity real estate investment company with more than $4 billion in capital commitments. Pimco's clients include state, municipal, union and private sector pension and retirement plans, among others. It is owned by Allianz S.E., a global insurance conglomerate. The company is among several high-profile investors seeking "putbacks" from major financial institutions on securities that they say violated underwriting guidelines. One of the institutions, Bank of America, has resisted buying back bad loans backed by mortgage-backed securities. Write to Kerry Curry.