|Headquarters||Newport Beach, California, United States|
|AUM||$1.87 trillion (September 2014)|
Pacific Investment Management Company, LLC (commonly called PIMCO), is a global investment management firm headquartered in Newport Beach, California, with over 2,400 employees working in 13 offices across 12 countries. PIMCO is one of the largest active global fixed income investment managers in the world, with over $1.87 trillion in assets under management as of 30 September 2014. The company runs the largest bond mutual fund in the world, the PIMCO Total Return Fund, and provides portfolio management and asset allocation solutions for millions of investors worldwide. PIMCO offers a broad list of investment strategies that encompass the entire risk spectrum and capital structure, including structured credit, alternatives, real assets, equities and currencies. PIMCO also has an ETF business, which had approximately $13.581 billion in assets under management, as of Jan. 21, 2014.
PIMCO's CEO is Douglas Hodge, who succeeded Mohamed El-Erian in 2014, and the firm's President is Jay Jacobs. Dan Ivascyn, Group Chief Investment Officer (CIO), broadly oversees portfolio management and investment strategy. There are also five CIOs: Andrew Balls, CIO Global Fixed Income; Mark Kiesel, CIO Global Credit; Virginie Maisonneuve, CIO Global Equities; Scott Mather, CIO U.S. Core Strategies; and Mihir Worah, CIO Real Return and Asset Allocation. On September 26, 2014, it was announced that William H. Gross (better known as Bill Gross), co-founder and former CIO, was stepping down to join Janus Capital Group.
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The firm was founded in 1971, launching with $12 million of assets. Previously, PIMCO had functioned as a unit of Pacific Life Insurance Co., managing separate accounts for that insurer's clients. In 2000, PIMCO was acquired by Allianz SE, a large global financial services company based in Munich, Germany, but the firm continues to operate as an autonomous subsidiary of Allianz.
PIMCO oversees investments on behalf of a wide range of clients, including millions of retirement savers, public and private pension plans, educational institutions, central banks and government agencies, foundations and endowments and financial intermediaries among others.
The firm is known to have coined and popularized the phrase "the New Normal" in the aftermath of the subprime mortgage crisis in 2009. More recently, PIMCO introduced the "New Neutral" thesis to characterize a period of lower but stable economic growth, and interest rates to remain low for a longer period of time.
- Grind, Kirsten; Calia, Michael (26 September 2014). "Bill Gross Leaves Pimco for Janus". Markets. The Wall Street Journal.(subscription required)
- "Our Firm". PIMCO. Retrieved 26 October 2014.
- "ETF League Table As Of Jan. 21, 2014". IndexUniverse.
- Leondis, Alexis; Stein, Charles (22 January 2014). "Pimco’s El-Erian Resigns as Hodge Named Chief Executive". Bloomberg News.