Pimco, the Californian investment giant, has ruled out a return to equities following two previous failed attempts by the world's largest bond manager to develop a stock picking capability.

In an exclusive interview with Financial News Daniel Ivascyn, Pimco's global chief investment officer, rejected the idea the bond specialist will revive its equity ambitions despite orchestrating a turnaround at the company that has been plagued by problems since 2013, including the departure of founder Bill Gross in 2014.