March 20, 2014 |
Bond giant Pimco was dropped as the manager of a $1.3-billion bond fund and replaced by its Southern California rival, TCW Group Inc. The fund, which is offered by Columbia Management, was formerly called the Pimco Mortgage-Backed Securities fund. It will now be known as the TCW Core Plus Bond Fund, according to a statement from TCW. The size of the fund is small compared with the $1.9 trillion that Pacific Investment Management Co. managed at the end of the year. However, losing that business comes at an inopportune moment for the Newport Beach company.
March 15, 2011 |
Mutual fund giant Pacific Investment Management Co. is planning to build new digs in Newport Beach. The proposed complex, designed by architect Henry Cobb, will include a conference center and a state-of-the-art trading floor, according to developer Irvine Co., which will oversee the project. The development will be about twice the size of Pimco's current 192,000-square-foot home, which is also in Newport Beach, the developer said. Pimco is headquartered at Pacific Financial Plaza in two contiguous buildings.
January 21, 2014 |
Mohamed El-Erian unexpectedly resigned from his post as chief executive and co-chief investment officer of global investment management firm Pimco on Tuesday, the firm said in a statement. El-Erian will leave the firm in March and will remain a member of parent company Allianz's international executive committee. He will also serve as an advisor on global economic and policy issues. William H. Gross will continue to serve as chief investment officer, the firm said in a statement. "I have been extremely honored and fortunate to work alongside Bill Gross, who is one of the very best investors in the world," El-Erian said in a statement.
December 9, 1996 |
Bill Gross had a problem. It was the kind of problem most entrepreneurs would welcome, and Gross wasn't missing any meals as a result, but it was a problem nonetheless: too many ideas. They poured forth constantly from the Caltech graduate's peripatetic mind, ideas for new high-tech companies, for the products and services they might sell and for the business strategies they should employ.
January 17, 2007 |
Bill Gross, manager of the world's biggest bond fund at Newport Beach-based Pacific Investment Management Co., has pared his Treasury holdings to the lowest level in six months. Gross and a growing number of investors are reducing Treasury bonds in favor of mortgage-backed securities as expectations for lower interest rates this year fade.
January 15, 2003 |
Investors who poured more than $700 million into Idealab, the Pasadena firm that nurtured young tech companies during the Internet boom, have returned to court with a third version of their fraud lawsuit against the so-called incubator and its founder, Bill Gross. The third amended complaint, filed late Monday, was made in response to Los Angeles County Superior Court Judge Ralph Dau's demand for more specifics, as part of the preliminary sparring to shape the case.
November 7, 2002 |
In a small room in Pasadena that looks like a high school machine shop, the man whose high-tech incubator once spawned some of the hottest companies in Southern California is in the midst of what he insists could be his biggest idea ever. Bill Gross spends most of his time here these days, behind glass doors, tweaking the design of solar engines at a venture tentatively called Pasadena Power.
October 24, 2013 |
Carl Icahn, the billionaire activist investor who has made a career of pushing companies to make changes to boost shares, published a letter to Apple Inc. Chief Executive Tim Cook urging the company's board to increase the size of a stock repurchase. Icahn promised not to tender his shares if Apple agrees to his proposal to implement a $150-billion repurchase, he said in the open letter that he posted on his website Thursday. Icahn said he has increased his holdings in the company to 4.7 million shares worth $2.5 billion, from 3.4 million shares in August.
December 3, 2013 |
WASHINGTON -- Easy-money policies by the Federal Reserve and other central banks have left the U.S. and other economies "increasingly at risk," bond guru Bill Gross warned. The co-chief investment officer at Pacific Investment Management Co., or Pimco, said that "investors are all playing the same dangerous game that depends on a near perpetual policy of cheap financing and artificially low interest rates in a desperate gamble to promote growth. " The comments by Gross in his monthly investment outlook came as stocks opened lower Tuesday amid investor concern that recent upbeat economic data could lead the Fed to start reducing its monthly bond-buying stimulus program.
July 19, 2005 |
People scoffed nearly a decade ago when Bill Gross proposed an online search engine that ranked results based on how much advertisers were willing to pay to have their links tied to specific requests. But the concept developed into a revolutionary idea that turned Internet search engines into massive moneymaking machines. Now Gross hopes to shake things up again with Snap.