I’m Keith DeGreen and this is your Investors Minute.
A venerable financial institutional — located in Newport Beach – has come under fire recently. Pacific Investment Management Company – known to everyone as PIMCO – is the largest fixed-income manager in the world.
Founder Bill Gross left the firm a day before being fired. But PIMCO responded promptly by announcing the appointment of competent people to key positions.
Founded by Bill Gross in 1971, as of July, PIMCO managed nearly $2T, and has about 8,400 employees across 12 countries.
PIMCO will continue to lose some assets short term. But nobody – not even Bill Gross – manages that much money alone. All responsible financial institutions have detailed succession plans, and PIMCO retains an outstanding team.
Certainly there’s been some disruption; but my money remains on a great institution — PIMCO.
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