Some 16 years ago, Joe McDevitt launched Pimco’s London office over a shoe shop in Mayfair. With the business now reaching $620 billion, he is stepping aside for a younger generation to develop its European operation.

The news, which emerged this week, follows the 

 of former chief executive Mohamed El-Erian in January.

Pimco's $620bn man in Europe hangs up his boots

News Analysis: Joe McDevitt, founder of Pimco's London office, steps aside some 16 years after setting up above a shoe shop

Mike Foster

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