In the dilemma between working at one of the biggest bond fund managers in the world and running a food truck, the bond firm apparently wins out.
When Jeremie Banet quit Pimco in May to enter the not-quite-as-lucrative mobile sandwich business, it created ripples through the financial world and many ruminations about leaving the rat race and pursing one's dreams.
On Wednesday, though, the Newport Beach, California-based bond giant announced Banet was coming back into the fold. Instead of dishing out delicacies, Banet will be the firm's executive vice president and portfolio manager for real return strategies, including Treasury inflation-protected securities.
"Jeremie's return adds strength to Pimco's deep expertise in real return strategies, as we help clients navigate lower policy rates in The New Neutral which can leave their investments vulnerable to the corrosive long-term effects of inflation," Pimco CIO Daniel Ivascyn said in a statement that did not mention Banet's venture into the sandwich industry.
Pimco manages $1.87 trillion for clients, a sum exponentially higher than what Banet likely saw in his business that specializes in grilled ham and cheese sandwiches—the French version called croque-monsieurs, to be specific.
It turns out, though, that Banet will not completely abandon his venture—a source familiar with the situation said the Monsieur Madame food truck will continue to run as a small family operated outfit while Banet helps Pimco shake off what has been a difficult year.
The firm lost its two highest-profile officers in 2014—CEO Mohamed El-Erian and CIO Bill Gross—amid a torrent of controversy and surging cash outflows from its underperforming flagship Total Return Fund.
Pimco pointed out that it has added 20 other senior officers amid all the tumult.
Banet's return came at the same time Pimco announced it was bringing in Michael Spence, a Nobel laureate economist, as a consultant on macroeconomic and global policy issues.
Attempts to contact Banet through Pimco were not immediately successful.