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The New Pattern of Market Volatility

Economists, financial engineers and traders have long relied on the assumption that asset returns are “normally” distributed with correlations that are slow to change.

We see potential for a new paradigm in which a fat-tailed event to either the left or the right is as likely to occur as a non-event is.

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William G. De Leon

Global Head of Portfolio Risk Management

Mr. De Leon is a managing director in the Newport Beach office and global head of portfolio risk management. He previously served as a portfolio manager focusing on derivatives and absolute return strategies as well as interim head of analytics. He represents PIMCO on the board of ISDA and serves on PIMCO's global risk committee, counterparty risk committee, new product review committee and BCP/DR recovery oversight group. He chairs its best execution committee. Prior to joining PIMCO in 2007, he was a portfolio manager at the hedge funds Ellington Management Group and Caxton. Previously, he was a managing director and a senior member of the investment strategy group at BlackRock. He has 27 years of investment experience and holds an undergraduate degree from the University of Pennsylvania.