The story
Founded by Bill H. Gross in 1971, in Newport Beach.1
PIMCO initially functioned as a unit of Pacific Life Insurance Co., managing separate accounts for that insurer's clients. The firm was founded in 1971, launching with $12 million of assets. In 2000, PIMCO was acquired by Allianz SE, a large global financial services company based in Munich, Germany, but the firm continues to operate as an autonomous subsidiary of Allianz.
On September 26, 2014, it was announced that Bill Gross, co-founder and former chief investment officer (dubbed the "Bond King" in the investment arena), was stepping down to join Janus Capital Group. In April 2015, PIMCO announced the hire of former Federal Reserve Chairman Dr. Ben Bernanke as a senior advisor, following in the footsteps of predecessor Federal Reserve Chairman Alan Greenspan.
From Wikipedia’s article on PIMCO, shared under CC BY-SA 4.0.4
