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有关金融危机的论文(英文论文范文)Finance after the crisis Vigilante on the m

有关金融危机的论文(英文论文范文)Finance after the crisis Vigilante on the move由留学生论文代写中心提供资源。
In the first in a series of profiles of financial institutions after the crisis we look at PIMCO, a giant fund manager
Jul 29th 2010 | NEWPORT BEACH, CALIFORNIA
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BILL GROSS has a dual passion for philately and philanthropy. In 2007 he gave to Doctors Without Borders the $9.1m he earned from an auction of his collection of British stamps. He has said he is happy to part with “old friends” for a good cause. But the 66-year-old shows no sign of parting ways with the company he co-founded in 1971, Pacific Investment Management Co (PIMCO), one of the world’s largest bond-fund managers and, since 2000, a unit of Allianz, a German insurer. As co-chief investment officer, he manages PIMCO Total Return, the world’s largest mutual fund with $234 billion of assets. It is as successful as it is big, returning an average 7.5% over the past five years—better than 98% of its peers, according to Bloomberg.
PIMCO itself, however, is changing. Having long marketed itself as “the global authority on bonds”, it recently switched to “your global investment authority”. It is too early to claim that crown. But the asset-management industry is sure to feel the effects of any effort by its most respected—and, by many, most feared—member to diversify its portfolio of offerings into equities, exchange-traded funds, risk hedging, valuation services and more.
PIMCO has emerged from the financial crisis stronger. It has continued hiring as others pause or pull back. It is set to receive the lion’s share of investment spending by Allianz Global Investors, the division it sits in, this year. PIMCO’s assets under management have grown steadily, to $1.2 trillion. It enjoyed stronger net inflows than any other large American bond-fund firm in the 12 months to the end of June.
As a vast repository of government debt, PIMCO is the de facto spokesman for the “bond vigilantes”—investors who drive up yields by selling the bonds of countries they deem profligate. A change in its stance makes waves. No wonder Spain’s finance minister paid a recent visit to the firm’s disarmingly modest headquarters in Newport Beach, California.
PIMCO’s power also stems from its ultra-rigorous approach to investing. It has a big team of managers, any number of whom would be stars around which other firms could be built, says Eric Jacobson of Morningstar, a fund-research company. They are called together no less than four days a week, for three hours at a time, to debate the issues of the moment. In each discussion, one group is given the task of offering ideas, a “shadow” group that of shooting them down. It is, says Mohamed El-Erian, Pimco’s chief executive, all part of “a culture of constructive paranoia.”



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