Pacific Investment Management Company, LLC
(commonly called PIMCO
), is a global investment management
and solutions firm headquartered in Newport Beach, California
. PIMCO is led by co-founder William H. Gross
, (usually known as Bill Gross) who serves as Co-Chief Investment Officer, and Mohamed A. El-Erian
, the other Co-CIO as well as the firm's CEO.
Gross manages the Total Return Fund, the world’s largest mutual fund
with assets of $240.7 billion as of December 31, 2010. He co-founded the firm in 1971, 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 Germany, but the firm continues to operate as an autonomous subsidiary of Allianz.
PIMCO oversees investments totaling more than $1 trillion on behalf of a wide range of clients, including millions of retirement savers, public and private pension plans, educational institutions, central banks, foundations and endowments, among others.