DEFINITION of 'PIMCO (Pacific Investment Management Co.)'
PIMCO is a global investment management firm that primarily focuses on portfolio management, account management and business management. PIMCO specializes in fixed income securities and manages the internationally known Total Return Fund. It serves institutional investors, high-net-worth individuals and individual investors with its separate account services and mutual funds.
BREAKING DOWN 'PIMCO (Pacific Investment Management Co.)'
PIMCO was founded in 1971 by Bill Gross, Jim Muzzy and Bill Podich with the belief that bonds should be actively traded to enhance returns. The Newport, Beach, Calif., firm has since expanded into derivatives, mortgage-based securities, emerging markets and other sectors of the global fixed income market and has grown to be one of the largest asset management firms in the world. Once a unit of Pacific Mutual Life Insurance, it is now owned by German financial services firm Allianz SE. As of 2014, Gross had left the firm for Janus Capital Group, Inc., and Mohamed El-Erian, Gross' heir-apparent, had also departed.