Pacific Investment Management Co. has announced the hiring of Neel Kashkari, the former head of the government's $700 billion Troubled Asset Relief Program.

Kashkari is joining Pimco as a managing director and the head of new investment initiatives, the company said on Monday. He worked at Goldman Sachs & Co. before becoming an assistant Treasury secretary where he led the Office of Financial Stability until last May.

At Pimco, Kashkari is to be based in the Newport Beach, Calif., headquarters, where he is to help direct an expansion into investment initiatives, including the equities business.

Pimco, one of the world's largest bond managers and a unit of Germany's Allianz, also said it had hired Anne Gudefin and Charles Lahr, who are to join as executive vice presidents and global equities portfolio managers. Gudefin and Lahr were co-portfolio managers in the mutual series group at Franklin Templeton Investments, where they co-managed the Franklin Mutual Global Discovery Fund.

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