Alan Reid, chief executive of Forward

Forward moves management of long/short credit strategy to Pimco

Forward is expanding its sub-advisory relationship with Pacific Investment Management Company (PIMCO) to manage the Forward Credit Analysis Long/Short Fund (FLSIX).

As of 13 November 2013, PIMCO will become the fund's new sub-advisor. PIMCO is already a sub-advisor to Forward Investment Grade Fixed-Income Fund (AIFIX).  
"The move will refocus the fund's management, and we have also moved to significantly lower its management fee," says Alan Reid (pictured), chief executive of Forward.
 
Veteran fixed-income manager Joseph Deane, executive vice president and head of municipal bond portfolio management for PIMCO, and David Hammer, senior vice president and municipal bond portfolio manager, will manage the fund.  
 
"We are committed to a diversified, long/short approach to the credit markets. With the changing conditions and rising uncertainty for the bond markets, however, we felt it was prudent to adjust the strategic thinking, the opportunity set and the risk management tools applied to our fund," says Reid. "We are excited about expanding our relationship with PIMCO. Its depth in fixed-income investing is of the highest calibre, and Joe Deane and David Hammer are consummate industry pros. With their portfolio management expertise, we believe our shareholders will have an excellent team working for them."   
 
Deane has 43 years of investment experience. Before joining PIMCO in 2011, he was co-head of the tax-exempt department at Western Asset. From 1993 to 2005, he was a managing director and head of tax-exempt investments at Smith Barney/Citigroup Asset Management. Earlier in his career, he held senior portfolio management positions with Shearson and E.F. Hutton.
 
Hammer joined PIMCO last year, and was previously executive director at Morgan Stanley, where he served as head of the high yield and distressed municipal bond trading group. He was previously a vice president and investment-grade bond trader in Morgan Stanley's municipal bond department.

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