The Associated Press October 25, 2010, 1:32PM ET

Pimco names commercial real estate manager

Pimco on Monday appointed Devin Chen, a veteran commercial real estate investor, as a commercial real estate portfolio manager and executive vice president.

Chen will begin Nov. 8, based in the investment management company's Newport Beach headquarters.

Pimco is best known as a bond manager, and as the company behind Pimco Total Return, the world's largest mutual fund at $252 billion, run by Pimco co-founder Bill Gross. But its asset strategy also includes real estate, one among several options Pimco uses to diversify investor portfolios.

Dan Ivascyn, a Pimco managing director and senior member of the company's portfolio management group, said Chen "will expand our capabilities in an important market where we see significant opportunities for our clients."

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. Chen spent 11 years at JER Partners, where he was a managing director and member of the firm's investment committee.

Pimco is a unit of German financial conglomerate Allianz, and is formally known as Pacific Investment Management Co. Pimco managed more than $1.2 trillion in assets as of Sept. 30.

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