Joshua Ratner
About Joshua Ratner
Joshua D. Ratner (born 1976) serves as President of PIMCO-Managed Funds including PIMCO Municipal Income Fund II (PML) since 2024; he is Executive Vice President and Head of Americas Operations — Client, Legal and Funds, and Deputy General Counsel at PIMCO . Officers of the Funds are PIMCO personnel and are not compensated by the Funds; the Funds have no employees . Fund-level performance metrics (TSR, revenue, EBITDA) for executive evaluation are not disclosed in proxy materials; as of the record date, officers and trustees as a group owned less than 1% of outstanding shares for each fund .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PIMCO-Managed Funds (Fund Complex) | President | Since 2024 | Oversight of fund operations across the complex; principal executive officer role |
| PIMCO | Executive Vice President; Head of Americas Operations — Client, Legal and Funds | Past 5 years (per disclosure) | Leads client/legal/funds operations across Americas; governance and operational leadership |
| PIMCO | Deputy General Counsel | Past 5 years (per disclosure) | Senior legal leadership; supports governance across fund complex |
| PIMCO-Managed Funds | Vice President, Secretary, Chief Legal Officer (prior) | As of Aug 2014 | Fund legal governance, corporate secretary functions |
| PIMCO | Senior Vice President and Attorney (prior) | As of Aug 2014–Jan 2015 | Legal counsel supporting fund complex and PIMCO operations |
External Roles
No external directorships or committee roles for Joshua Ratner are disclosed in PML’s proxy materials .
Fixed Compensation
- Funds have no employees; officers (including President) are PIMCO employees and “are not compensated by the Funds” .
- No disclosure of base salary, target bonus, or cash retainers for fund officers in the DEF 14A; trustee compensation is disclosed separately and is not applicable to officers .
Performance Compensation
- No RSU/PSU/option grants, vesting schedules, or performance metrics tied to fund-level officer pay are disclosed in fund proxy materials; officer compensation occurs at PIMCO and is not reported by the Funds .
Equity Ownership & Alignment
| Metric | Value | Notes |
|---|---|---|
| Individual beneficial ownership (Joshua Ratner) | Not disclosed | No Form 3/4 for Joshua Ratner was located in the PML filing index for 2024–2025; prior filings list him as attorney-in-fact, not as a reporting owner |
| Officers and Trustees group beneficial ownership | <1% of outstanding shares (each fund) | As of record date in 2025 proxy |
| Shares pledged as collateral | Not disclosed | No pledging disclosures for officers in proxy |
| Ownership guidelines/compliance | Not disclosed | Fund-level proxy does not include officer ownership guidelines; officers are PIMCO employees |
Employment Terms
- Officers “hold office at the pleasure of the relevant Board and until their successors are chosen and qualified,” or until earlier death, resignation, removal, or disqualification .
- Officers are “interested persons” of each Fund due to their PIMCO roles .
- No severance, change-of-control, non-compete, or consulting arrangements for fund officers are disclosed in the proxy; such terms, if any, would be at the PIMCO employer level and not reported by the Funds .
Investment Implications
- Compensation alignment: Fund-level pay-for-performance levers do not apply because officer compensation is at PIMCO and not disclosed by the Funds; investors should not expect fund proxy-based metrics (e.g., TSR triggers) to influence officer pay outcomes at the fund level .
- Insider selling pressure: With officers/trustees as a group owning <1%, and absent disclosed equity awards or options from the Fund, direct selling pressure tied to fund-level vesting is likely minimal; monitor any Section 16 filings if Ratner were to hold shares directly in the future .
- Retention risk: Tenure and current senior legal/operations roles at PIMCO suggest stability; retention risk for the Fund ties to PIMCO employment, not fund contracts, and is not disclosed in fund materials .
- Governance: Ratner functions as President and an “interested person,” with the Board’s structure emphasizing independent trustee oversight and committee governance of risk, valuation, performance, and contracts, which moderates key-man risk at the fund level .