Andrews leaves PIMCO to start own venture

David Andrews has resigned from investment firm Pimco to start his own venture. “There is a huge search for yield in every fixed income asset class,” says Andrews. “When you look around your options, particularly in corporate bonds, the risks are dramatically changing today. We are seeing a concerted and steady real energy of corporate balance sheets, which is generally not a positive for bond holders. We are seeing a lot of stock repurchases and increasing dividends, a lot of calls on capital and in some cases companies are borrowing to support their shareholder-friendly activities. So there is a lot