View source for PIMCO

{{Short description|US global investment management firm}}
{{Infobox company
| name = Pacific Investment Management Company LLC
| logo = [[Image:PIMCO Logo.svg|220px|Pimco]]
| type = [[Subsidiary]]
| image = PimcoHQCloseup.jpg
| image_caption = PIMCO headquarters at 650 Newport Center Drive, [[Newport Beach, California]]
| founder = [[Bill H. Gross|Bill Gross]]<ref name="grind2014" /><br/>Jim Muzzy<br/>Bill Podlich
| key_people = {{unbulleted list|[[Emmanuel Roman]] ([[Chief executive officer|CEO]])| [[Dan Ivascyn]] ([[Chief investment officer|CIO]])}}
| industry = [[Financial services]]
| products = [[Investment management]]
| aum = {{US$|2.0 [[Trillion (short scale)|trillion]]|link=yes}} (March 31, 2022)<ref name="pimcoourfirm" />
| owner =
| num_employees = 3,145+<ref name="pimcoourfirm2" />
| parent = [[Allianz]]
| slogan =
| foundation = {{start date and age|1971}}<ref name="grind2014" />
| location_city = [[Newport Beach, California]]
| location_country = U.S.
| homepage =
}}
'''Pacific Investment Management Company LLC''' is an American [[investment management]] firm focusing on active [[fixed income]] management worldwide. PIMCO manages investments in many asset classes such as [[fixed income]], [[share capital|equities]] and other financial assets across public and private markets. PIMCO is one of the largest investment managers, actively managing more than $2 trillion in assets for central banks, [[sovereign wealth fund]]s, [[pension fund]]s, [[corporation]]s, foundations and endowments, and individual investors around the world. According to the [[Sovereign Wealth Fund Institute]], PIMCO is the 6th-largest asset manager in the world by managed AUM.<ref>{{cite web |url=https://www.swfinstitute.org/fund-manager-rankings/asset-manager |website=SWFI |title=Top 100 Asset Manager Managers by Managed AUM - SWFI }}</ref>
PIMCO's headquarters are in [[Newport Beach, California]], near the Pacific Ocean. The firm has over 3,100 employees working in 22 offices throughout the Americas, Europe, and Asia.<ref name="pimcoourfirm2" />
PIMCO and Allianz Global Investors manage around [[Euro|€]]2.5 [[trillion]] of third-party assets.<ref>{{cite web|url=https://www.allianzcapitalpartners.com/de/how-we-invest/allianz-advantage|title=The Allianz Advantage|website=www.allianzcapitalpartners.com}}</ref> PIMCO is also the world's largest active ETF manager (as well as one of the first to introduce actively managed ETFs).<ref>{{cite web |title=Who We are |url=https://www.pimco.com/en-us/our-firm |website=PIMCO |access-date=24 January 2024}}</ref>
== 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,<ref name="grind2014" /> 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.<ref>{{cite news |url=https://www.ft.com/content/ed4c62ce-d988-11e0-b16a-00144feabdc0 |title=Allianz's decision on Pimco raises eyebrows |date=11 September 2011 |work=[[Financial Times]] |first=Dan |last=McCrum |url-access=limited}}</ref><ref>{{cite news |url=https://www.reuters.com/article/allianz-pimco/update-2-pimco-gains-greater-autonomy-in-allianz-revamp-idUSL5E7K61UF20110906 |title=PIMCO gains greater autonomy in Allianz revamp |date=6 September 2011 |work=[[Reuters]] |first1=Jennifer |last1=Ablan |first2=Harro |last2=Ten Wolde}}</ref>
On September 26, 2014, it was announced that [[Bill H. Gross|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]].<ref name="grind2014" /> In April 2015, PIMCO announced the hire of former [[Federal Reserve System|Federal Reserve]] Chairman Dr. [[Ben Bernanke]] as a senior advisor, following in the footsteps of predecessor Federal Reserve Chairman [[Alan Greenspan]].<ref>{{Cite web|date=29 April 2015|title=Pimco recruits ex-Federal Reserve chairman Ben Bernanke|url=https://www.theguardian.com/business/2015/apr/29/pimco-recruits-ex-federal-reserve-chairman-ben-bernanke|access-date=23 July 2018|website=The Guardian}}</ref>
== Leadership ==
PIMCO appointed [[Emmanuel Roman]] as CEO effective November 1, 2016.<ref name="gittelsohn">{{cite news|author=Gittelsohn John|date=20 July 2016|title=Pimco Names Man Group's Chief Emmanuel Roman as Its New CEO|agency=[[Bloomberg News]]|url=https://www.bloomberg.com/news/articles/2016-07-20/pimco-names-man-group-s-chief-emmanuel-roman-as-its-new-ceo}}</ref> He succeeded [[Douglas M. Hodge]], who was CEO from 2014 to 2016.<ref>{{Cite news|title=Pimco: The man who replaced Mohamed|url=https://www.ft.com/content/3d727128-a06d-11e3-a72c-00144feab7de|newspaper=Financial Times|date=28 February 2014 |access-date=2020-05-27}}</ref> According to PIMCO,<ref>{{cite web |title=Global Advisory Board |url=https://www.pimco.com/en-us/global-advisory-board |website=PIMCO |access-date=24 January 2024}}</ref> the members of their global advisory board members are:
*[[Ben Bernanke]], former Federal Reserve Chair and Distinguished Senior Fellow at the Brookings Institution.
*[[Joshua Bolten]], President and CEO of the Business Roundtable and former White House Chief of Staff.
*[[Gordon Brown]], former UK Prime Minister and former Chancellor of the Exchequer.
*[[Mark Carney]], UN Special Envoy on Climate Action and Finance, former Governor of the Bank of England, former Governor of the Bank of Canada.
*[[Michèle Flournoy]], U.S. defense policy and national security expert, former U.S. Under Secretary of Defense for Policy.
Apart from the board, [[Dan Ivascyn]] - the group [[chief investment officer]] (CIO) - broadly oversees portfolio management and investment strategy.<ref name="childs2014" /> There are also five other CIOs: [[Andrew Balls]], CIO Global Fixed Income; Mark Kiesel, CIO Global Credit; Mohit Mittal, CIO Core Strategies; Marc Seidner, CIO Non-traditional Strategies; and Qi Wang, CIO Portfolio Implementation.<ref>{{cite web|title=Firm Leadership|url=https://www.pimco.com/en-us/our-firm/firm-leadership/|website=PIMCO|access-date=September 9, 2018}}</ref>
==Influence==
Often referred to as a "Wall Street giant" and "bond powerhouse," PIMCO commands significant influence in the financial industry, particularly in fixed income.<ref>{{cite web |last1=Stokes |first1=Samantha |title=Wall Street giants like JPMorgan and Pimco are walking back their environmental pledges after years of outspoken support for fighting climate change |url=https://www.businessinsider.com/wall-street-giants-jpmorgan-pull-back-climate-initiatives-2024-2 |website=Business Insider |publisher=Business Insider}}</ref> <ref>{{cite web |last1=Youing |first1=Lauren |title=Should Bond Powerhouse Pimco Jump into Stocks? |url=https://www.bloomberg.com/news/articles/2009-10-18/should-bond-powerhouse-pimco-jump-into-stocks |publisher=Bloomberg}}</ref> The PIMCO Income Fund (NASDAQ:PIMIX) is the largest actively managed bond fund in the world.<ref>{{cite news |last1=Mackenzie |first1=Michael |title=Pimco's Ivascyn Warns of 'Too Much Enthusiasm' on 2024 Rate Cuts |url=https://www.bloomberg.com/news/articles/2023-11-15/pimco-s-ivascyn-warns-of-too-much-enthusiasm-on-2024-rate-cuts |website=Bloomberg |date=15 November 2023 |publisher=Bloomberg |access-date=24 January 2024}}</ref>
According to data from [[Morningstar, Inc.|Morningstar]], PIMCO oversees a substantial portion of the world's largest actively managed bond funds, with three out of the top ten funds under its management, including the largest.<ref>{{cite web |last1=Lynch |first1=Katherine |title=How the Largest Bond Funds Did In Q3 2023 |url=https://www.morningstar.com/markets/how-largest-bond-funds-did-q3-2023 |website=Morningstar |date=5 October 2023 |access-date=5 October 2023}}</ref> Under Morningstar's rating system, 42 of PIMCO's mutual funds hold a 5-Star rating, and 90 funds hold a 4-Star rating.<ref>{{cite web |title=PIMCO-Morningstar |url=https://www.morningstar.com/asset-management-companies/pimco-BN000009NK |publisher=Morningstar}}</ref>
== Notable Employees ==
Notable former or current employees include:
* [[Mohamed A. El-Erian]]
* [[Bill H. Gross]]
* [[John J. Studzinski]]
* [[Richard Clarida]]
* [[Neel Kashkari]]
* [[Andrew Balls]]
* [[Emmanuel Roman]]
* [[Robert D. Arnott]]
* [[Daniel Lacalle]]
* [[Daniel Ivascyn]]
* [[Jamil Baz]]
* [[Ramin Toloui]]
* [[Ng Kok Song]]
* [[Jean-Claude Trichet]]
==References==
{{Reflist|refs=<!--for multiply used citations, in general-->
<ref name="childs2014">{{cite news | author=Childs, Mary | date=2 December 2014 | title=Pimco Total Return Withdrawals Slow to $9.5 Billion | work=[[Bloomberg Businessweek]] | location=United States | url=http://www.businessweek.com/news/2014-12-02/pimco-total-return-withdrawals-slow-to-9-dot-5-billion | archive-url=https://archive.today/20141207213931/http://www.businessweek.com/news/2014-12-02/pimco-total-return-withdrawals-slow-to-9-dot-5-billion | url-status=dead | archive-date=December 7, 2014 }}</ref>
<ref name="grind2014">{{Cite news | title=Bill Gross Leaves Pimco for Janus | author=Grind, Kirsten | author2=Calia, Michael | work=[[The Wall Street Journal]] | department=Markets | date=26 September 2014 | url=https://online.wsj.com/articles/bill-gross-leaves-pimco-for-janus-1411736217 }}{{subscription required}}</ref>
<ref name="pimcoourfirm">{{cite web |url=https://www.pimco.com/en-us/our-firm |title=Our Firm  |publisher=PIMCO |access-date=24 May 2022 |archive-url=https://web.archive.org/web/20220502003000/https://www.pimco.com/en-us/our-firm |archive-date=2 May 2022}}</ref>
<ref name="pimcoourfirm2">{{cite web |url=https://www.pimco.com/en-us/our-firm/careers/professionals |title=Our Firm (Careers) |publisher=PIMCO |access-date=24 May 2022 |archive-url=https://web.archive.org/web/20220524142416/https://www.pimco.com/en-us/our-firm/careers/professionals |archive-date=24 May 2022}}</ref>
}}
==External links==
{{Commons category-inline}}
* [http://biz.yahoo.com/ic/41/41978.html Pacific Investment Management Company LLC Company Profile]—[[Yahoo! Finance]]
* [https://www.bloomberg.com/apps/news?pid=20603037&sid=aCobIVlnyzsY PIMCO to focus on global funds]—[[Bloomberg News]]
* [https://online.wsj.com/articles/SB10001424052702303636404579393131430361274 "Inside the Showdown Atop PIMCO"]—''[[The Wall Street Journal]]''
{{Allianz}}
{{Major asset management companies}}
{{Hedge funds}}
{{Authority control}}
[[Category:PIMCO| ]]
[[Category:1971 establishments in California]]
[[Category:2000 mergers and acquisitions]]
[[Category:American companies established in 1971]]
[[Category:Companies based in Newport Beach, California]]
[[Category:Exchange-traded funds]]
[[Category:Financial services companies based in California]]
[[Category:Financial services companies established in 1971]]
[[Category:Investment management companies of the United States]]