PIMCO*, founded in Newport Beach, California in 1971. PIMCO is one of the world's largest fixed income managers, with a presence in every major global bond market. PIMCO started as a subsidiary of Pacific Life Insurance Company to manage separate accounts for institutional clients. Today, PIMCO's global client base is served from offices in New York, Singapore, Tokyo, London, Sydney, Munich, Toronto, Hong Kong and Newport Beach.

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 PIMCO's key professionals to purchase an equity stake in PIMCO. Allianz is repurchasing these equity interests over time, but the equity program will run through at least 2013. Additionally, 30% of profits are distributed to eligible employees under a profit-sharing plan.

PIMCO has enjoyed a stable organization throughout its 37-year history, and has retained key professionals in part due to strong financial incentives. Many of the professionals who were instrumental in PIMCO's founding and subsequent growth are still active in its management.

* Includes PIMCO's overseas affiliates, as appropriate.