Pacific Investment Management Co.
| Pacific Investment Management Co. | |
| |
| 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[edit]
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[edit]
- William H. Gross, Founder
- Douglas M. Hodge, Chief Executive Officer
- Daniel Ivascyn, Group CIO
- David C. Flattum, General Counsel
- David Lown, Chief Administrative Officer
- John Devir, Executive Vice President of Credit Analysis
References[edit]
- ↑ FIASI: Induction Speech for William H. Gross. FIASI.
- ↑ William H. Gross: Induction Speech for William H. Gross. FIASI.
- ↑ History. PIMCO.
- ↑ PIMCO Co-CEO Bill Thompson to Retire at End of 2008. MarketWatch.
- ↑ Bond King Bill Gross Departs for Realm of the Unknown. Bloomberg.
- ↑ Largest Bond Fund PIMCO Cuts US Government Holdings. Gold Anti Trust Action Committee.
- ↑ Bill Gross Leaves Pimco for Janus. The Wall Street Journal.