Pacific Investment Management Co.

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Pacific Investment Management Co.
PIMCOlogo.gif
Founded 1971
Headquarters Newport Beach, California
Key People William H. Gross, Founder
Employees PIMCO has over 1000 employees in offices in Newport Beach, New York, Singapore, Tokyo, London, Sydney, Munich, Toronto, and Hong Kong
Website www.pimco.com

Pacific Investment Management Co., or PIMCO as it is widely known, is a global investment management firm that had over $829.5 billion in assets under management as of June 30, 2008. It was founded by William (Bill) H. Gross in 1971 with only several million of assets.[1]

By secular dynamics, PIMCO has always emphasized a 3-5 year focus on secular political, economic, demographic, and market sector trends.[2]

PIMCO has a charitable arm called the "PIMCO Foundation."

History

PIMCO started as a subsidiary of Pacific Life Insurance Company to manage separate accounts for institutional clients. In 2000, PIMCO was acquired by Allianz SE, a large global financial services company based in Germany. PIMCO operates as a separate and autonomous subsidiary of Allianz. The acquisition by Allianz provided an opportunity for many of PIMCO's professionals to purchase an equity stake in PIMCO.[3]

After 15 years as CEO, Bill Thompson retired at the end of 2008 and was succeeded by Co-CEO Mohamed A. El-Erian. El-Erian also continued his role as co-CIO with Bill Gross.[4] El-Erian, who was expected to be Gross's successor, left the company in January 2013.[5]

As manager of the world's largest bond fund, PIMCO made headlines when it cut the fund's exposure to U.S. government-related debt in January 2011. PIMCO's Total Return Fund, run by Bill Gross, reported that holdings fell from 22 percent in December 2010 to 12 percent in January 2011. [6]

Gross resigned from the company in September 2014 to join Janus Capital Group managing a newly created bond fund. Pimco named Daniel Ivascyn as group chief investment officer, replacing Gross in that position.[7]

Key People

References

  1. FIASI: Induction Speech for William H. Gross. FIASI.
  2. William H. Gross: Induction Speech for William H. Gross. FIASI.
  3. History. PIMCO.
  4. PIMCO Co-CEO Bill Thompson to Retire at End of 2008. MarketWatch.
  5. Bond King Bill Gross Departs for Realm of the Unknown. Bloomberg.
  6. Largest Bond Fund PIMCO Cuts US Government Holdings. Gold Anti Trust Action Committee.
  7. Bill Gross Leaves Pimco for Janus. The Wall Street Journal.