Description
Pacific Investment Management is a global investment management firm focusing on active fixed income management. PIMCO manages investments in many asset classes such as fixed income, equities, commodities, asset allocation, ETFs, hedge funds, and private equity. PIMCO is one of the largest investment managers, actively managing more than $2.21 trillion in assets for central banks, sovereign wealth funds, pension funds, corporations, foundations and endowments, and individual investors around the world. PIMCO is headquartered in Newport Beach, California, and has over 2,900 employees working in 17 offices throughout the Americas, Europe, and Asia.
History
PIMCO initially functioned as a unit of Pacific Life Insurance Co., managing separate accounts for that insurer's clients. The firm was founded in 1971, launching with $12 million of assets. 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 Bill Gross, co-founder and former Chief Investment Officer (dubbed the "Bond King" in the investment arena), was stepping down to join Janus Capital Group. In April 2015, PIMCO announced the hire of former Federal Reserve Chairman Dr. Ben Bernanke as a senior advisor, following in the footsteps of predecessor Federal Reserve Chairman Alan Greenspan.
