Central Bank McEvoy Joins US Investment Giant Pimco

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Former Central Bank consumer protection director Gráinne McEvoy is expected to join the Irish operation of US investment giant Pimco early next year, sources say.

Ms McEvoy, who handed in her notice in August and remains an employee of the bank, will take up a managerial position in Pimco’s Irish affairs, which will require her to undergo a so-called fitness and probity check by the Central Bank. Its exact future title is not known.

Pimco Global Advisors (Ireland), based at Harcourt Street in central Dublin, provides management services to various Pimco funds based in Ireland. This unit has former taoiseach John Bruton, former director general of Aer Lingus David Kennedy and former director of the Institute for Economic and Social Research Frances Ruane as directors.

The American group also has an Irish branch of its Pimco Europe GmbH operating from the same address in Dublin.

California-headquartered Pimco, a unit of German insurance group Allianz, is one of the world’s largest fund managers, with $ 2.2 trillion (€ 1.9 trillion) in assets under management at the end of June. It is best known for its bond funds.

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The group is said to have around 40 employees in Dublin, although its rented floor in the Harcourt building, which it agreed to rent last year, gives it the capacity to grow its office workforce to more than 100 people.

The Central Bank said in late August that Ms McEvoy would leave the organization in January 2022 to take on a role in the private sector and would immediately step down from frontline supervisory activity to avoid any potential conflict of interest.

Ms McEvoy was replaced as head of consumer protection on October 1 by Colm Kincaid, previously director of securities and market oversight. Darragh Rossi, Fund Oversight Manager, replaces Mr. Kincaid on an interim basis until a permanent appointment is made.

Joining the bank in 1997, Ms. McEvoy held several positions, including Head of Securities and Markets Supervision and Deputy Head of Approvals, before being appointed to the Consumer Protection function in 2018.

Ms. McEvoy was heavily involved in the final stages of the bank’s follow-up mortgage review.

More recently, she was a major player in a review of differential pricing in the insurance market, which led the bank to announce in July its intention to ban the widespread practice of auto insurers and habitation to stealthily increase the premiums of loyal customers. However, it has not followed the UK in effectively banning suppliers from offering below-cost discounts to attract new customers.

Ms McEvoy declined to comment on her next move through a central bank spokesperson. A spokeswoman for Pimco also declined to comment.

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