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PIMCO Bets on Once Bright Stars

Aug. 16, 2015 - London, London, UK - London, UK. Former Prime Minister Gordon Brown gives a speech about the future of the Labour Party during 'Power For A Purpose' event hosted by Society of Labour Lawyers at Southbank Centre in London on Sunday, August 16, 2015. (Credit Image: Tolga Akmen/London News Pictures via ZUMA Wire)
Pimco's fund society.
  • Why it matters

    Why it matters

    PIMCO has had a torrid few months, after an acrimonious split with its founder Bill Gross. It hopes that its new high profile appointments will help convince customers to keep their money in its funds.

  • Facts

    Facts

    • PIMCO is bringing in several financial industry superstars to help rebuild the company’s image.
    • Former Fed Chairman Ben Bernanke heads the group of advisers.
    • Despite recent declines, the Allianz share price has increased by 20 percent since the beginning of the year.
  • Audio

    Audio

  • Pdf

Allianz subsidiary PIMCO is resorting to outside help to bring it back on the winning track. Several stars from the financial sector are expected to get the asset management company from sunny California out of deep water.

PIMCO has reported a lot of bad news in recent months. High profile management squabbles and a set of bad investment decisions have taken its toll on the reputation of the world’s largest bond manager.

Situations like this are a nightmare for the Munich parent company, which avoids public mud fights and gossips more than most companies, and has always insisted that PIMCO is “a turnaround company.”

Now a team of five superstars from the financial industry is being brought in to regain the confidence of the financial world. They will form an advisory council of investment managers at PIMCO.

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