PIMCO

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Pacific Investment Management Company
Subsidiary
Industry Financial Services
Founded 1971 (1971)[1]
Founder Bill Gross[1]
Jim Muzzy
Bill Podlich
Headquarters Newport Beach, California, United States
Key people
  • Douglas Hodge, CEO
  • Jay Jacobs, President
  • Dan Ivascyn, Group Chief Investment Officer
Products Investment management
AUM Increase $1.59 trillion, (31 March 2015)[2]
Number of employees
2444[2]
Parent Allianz
Website www.pimco.com

Pacific Investment Management Company, LLC (commonly called PIMCO), is a global investment management firm headquartered in Newport Beach, California, with over 2,000 employees working in 13 offices across 12 countries, and $1.59 trillion in assets under management as of March 31, 2015. The company provides mutual funds and other 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 core bonds and credit, structured credit, alternatives, real assets, equities and currencies.

PIMCO oversees investments on behalf of millions of clients, including 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 lower than historically for a longer period of time.

Leadership[edit]

PIMCO's CEO is Douglas Hodge, who succeeded Mohamed A. El-Erian in 2014,[3] and the firm's President is Jay Jacobs. Dan Ivascyn, Group Chief Investment Officer (CIO),[4] broadly oversees portfolio management and investment strategy. There are also five other CIOs: Andrew Balls, CIO Global Fixed Income; Mark Kiesel, CIO Global Credit; Scott Mather, CIO U.S. Core Strategies; Marc Seidner, CIO Non-traditional Strategies; and Mihir Worah, CIO Real Return and Asset Allocation.

History[edit]

The firm was founded in 1971,[1] 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.

On September 26, 2014, it was announced that Gross, co-founder and former chief investment officer, was stepping down to join Janus Capital Group.[1]

References[edit]

  1. ^ a b c d Grind, Kirsten; Calia, Michael (26 September 2014). "Bill Gross Leaves Pimco for Janus". Markets. The Wall Street Journal. (subscription required)
  2. ^ a b "Our Firm". PIMCO. Retrieved 12 April 2015. 
  3. ^ Leondis, Alexis; Stein, Charles (22 January 2014). "Pimco’s El-Erian Resigns as Hodge Named Chief Executive". Bloomberg News. 
  4. ^ Childs, Mary (2 December 2014). "Pimco Total Return Withdrawals Slow to $9.5 Billion". Bloomberg Businessweek (United States). 

External links[edit]