Summary List Placement
Pimco is shaking up its legal and compliance department as its chief compliance officer steps down and its deputy general counsel takes on a new role.
The $2.2 trillion asset manager announced the people moves to staff yesterday and last week over a series of emails seen by Insider.
Rick LeBrun, Pimco’s deputy general counsel, is expected to move out of the legal department to join the firm’s growing alternatives platform as head of alternatives business management, a newly created role. He’ll report directly to Emmanuel Roman, Pimco’s CEO.
Nadia Zakir, the former executive vice president and deputy general counsel who led Pimco’s response to investigations and inquiries by regulators such as the Securities and Exchange Commission and the Commodity Futures Trading Commission, has been tapped as the asset manager’s new chief compliance officer and global head of compliance.
Zakir replaces Jennifer Durham, who served as an examiner at the SEC before joining Pimco as the managing director and CCO. Durham, who has been with the firm for 21 years, announced that she plans to retire from Pimco at the end of June.
Sung-Hee Suh’s role as global head of regulatory risk and compliance is set to expand to become Pimco’s general counsel for global regulatory and litigation. Prior to joining Pimco in 2018, Suh worked in criminal prosecution and regulatory enforcement as a partner at the law firm White & Case, where she headed its New York white collar and investigations practice, and as a deputy assistant attorney general at the Department of Justice, Pimco’s website said. Zakir is expected to report to Suh.
The manager, in Newport Beach, California, is grappling with discrimination and sexual-harassment allegations. LeBrun, along with the firm’s general counsel, David Flattum, was named in a lawsuit filed in September 2019 by Andrea Martin Inokon, a senior counsel at the firm. Inokon alleged that she was passed over for promotions because she was pregnant. Her case is ongoing.
LeBrun’s move isn’t related to the lawsuit, but instead aligns with the firm’s long-term business strategy, said a source familiar with the matter.
Separately, five current and former female employees have sued the asset manager, alleging claims that include demands of sexual acts and the solicitation of photos for use as blackmail.
Pimco has “vigorously” denied these claims, saying that it has “zero tolerance for discrimination, harassment or retaliation, promptly investigates any such claims, and takes appropriate action when found to be accurate.”