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November 30, 2015 8:06 PM ET

Capital Markets

Company Overview of Pacific Investment Management Company LLC

Company Overview

Pacific Investment Management Company LLC is a privately owned investment manager. It provides its services to corporate pension plans, foundations, endowments, public retirement plans, corporate treasury assets, governments, insurance companies, high net-worth investors, multi-employer retirement plans, financial institutions, intermediaries, retail investors and pooled investment vehicles, including both affiliated and unaffiliated U.S. and non-U.S. registered and unregistered funds, among others. The firm manages separate client-focused equity and fixed income portfolios. It also launches and manages equity, fixed income, and balanced mutual funds for its clients. The firm invests in the ...

650 Newport Center Drive

Newport Beach, CA 92660

United States

Founded in 1971





Key Executives for Pacific Investment Management Company LLC

Chief Executive Officer, Executive Vice President, Managing Director, and Member of Executive Committee
Age: 58
President and Managing Director
Chief Financial Officer
Age: 60
Group Chief Investment Officer, Managing Director, Head of Mortgage Credit Portfolio Management, Portfolio Manager, Member of Executive Committee, and Member of Investment Committee
Age: 45
Senior Vice President and Director of Communications
Compensation as of Fiscal Year 2015.

Pacific Investment Management Company LLC Key Developments

Pacific Investment Management Co Urges Dismissal of Bond King Bill Gross Lawsuit

Pacific Investment Management Co announced that co-founder Bill Gross' lawsuit accusing it of driving him out so others could divvy up his bonus should be thrown out. In papers filed on November 9, 2015, with a state court in Orange County, California, Pimco and its parent Allianz SE said Gross failed in his $200 million lawsuit to allege that they breached his contract or coerced his September 2014 exit. They also said Gross could have been fired at any time without cause. Gross' departure from Newport Beach, Pimco followed months of negative reports about his management style, as well as weak performance at Pimco Total Return, which he had built into the largest bond fund by assets. The company said that the complaint, parts of which read more like a screenplay than a court pleading, uses irrelevant and false personal attacks on Mr. Gross's former colleagues in an apparent effort to distract attention from the fundamental failings of these 'contract' claims. In his October 8 lawsuit, Gross said a 'cabal' of Pimco executives including Daniel Ivascyn, his successor as chief investment officer, plotted to oust him out of a lust for power, greed, and a desire to improve their own financial position and reputation.

Participants Sue Allianz Asset Management of America, L.P. Allianz Global Investors Fund Management LLC, Pacific Investment Management Company LLC, Allianz Global Investors U.S. LLC, and NFJ Investment Group LLC

A lawsuit filed by two participants in an Allianz retirement plan claims the company and its asset management partners, including PIMCO, misused employees 401(k) plan assets for their own financial benefit. Plaintiffs level a host of complaints against two sets of defendants overseeing the Allianz Asset Management 401 (k) plan, suggesting the 'total plan cost of 0.77% is outrageously high for a defined contribution plan with over $500 million in assets'. Named in the complaint are Allianz Asset Management of America (both AAM-LP and AAM-LLC), as well as 'the Committee of the Allianz Asset Management of America, L.P. 401(k) Savings and Retirement Plan [Chief Operating Officer and Managing Director of AAM] John Maney and John Does 1 to 30, who improperly managed Plan assets for the benefit of themselves and their affiliates instead of the Plan and its participants. Several participating employers are also named in the complaint. These include: AAM-LP and AAM-LLC (collectively, 'AAM'), Allianz Global Investors Fund Management LLC, Pacific Investment Management Company LLC (PIMCO), Allianz Global Investors U.S. LLC, and NFJ Investment Group LLC, who improperly received plan assets as profits at the expense of the Plan and its participants. Lead plaintiffs Aleksandr Urakhchin and Nathan Marfice filed their claim in the U.S. District Court for the Central District of California, seeking an order for Allianz and company 'to remedy breaches of fiduciary duties and unlawful self-dealing'. Plaintiffs seek to recover the financial losses suffered by the plan through improper fees and self-dealing, and to obtain injunctive and other equitable relief from the defendants, as provided by ERISA. Case documents show Urakchin and Marfice accuse defendants of the plan as an opportunity to promote the Allianz Family's mutual fund business and maximize profits at the expense of the Plan and its participants'. The accusations go beyond lax oversight commonly alleged in ERISA cases and suggest proactive self-dealing by defendants.

Bill Gross Sues Pacific Investment Management Co and Allianz SE for USD 200 Million over Forced Ouster

Famed bond investor Bill Gross has sued his former employer Pacific Investment Management Co and its parent Allianz SE for USD 200 million, claiming he was wrongfully ousted by a cabal of executives who wanted his share of the bonus pool. In a complaint filed in the California Superior Court in Orange County, Gross said Pimco managing directors were driven by a lust for power, greed, and a desire to improve their own financial position and reputation in their ultimately successful plot to drive him out. The lawsuit ratchets up vitriol between Gross, 71, who now runs the Janus Global Unconstrained Bond Fund for Janus Capital Group Inc, and Pimco, which he co-founded and built over four decades into the U.S. bond fund complex. In the complaint, Gross said younger Pimco executives plotted to drive him out, and share in his 20% stake in Pimco's bonus pool, because they believed his presence was impeding their careers and limiting their paychecks. The complaint also outlines gross' view of his ouster, a plan he said was hatched by Daniel Ivascyn, who succeeded him as Pimco's group chief investment officer and allegedly helped recruit others to the cause. As pressure built, Gross said he began negotiating to resign as chief investment officer, cut his bonus, give up oversight of Total Return, and as further humiliation even be forbidden from entering Pimco's offices in Newport Beach, California. Gross said he worked out an arrangement with Allianz Chief Executive Michael Diekmann, but that Pimco officials including current CEO Douglas Hodge somehow overruled their boss and came up with a lesser role that effectively meant his firing. Gross was on track to receive a bonus topping USD 250 million in 2014, with most of it paid late in the year. Pimco's bonus pool totaled USD 1.3 billion in 2013, and Gross' pay that year topped USD 300 million.

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