Pacific Investment Management Company LLC is an American investment management firm focusing on active fixed income management worldwide. PIMCO manages investments in many asset classes such as fixed income , equities and other financial assets across public and private markets. PIMCO is one of the largest investment managers, actively managing more than $ 2 trillion in assets for central banks, sovereign wealth funds , pension funds , corporations , foundations and endowments, and individual investors around the world. According to the Sovereign Wealth Fund Institute , PIMCO is the 6th-largest asset manager in the world by managed AUM.
55-601: PIMCO's headquarters are in Newport Beach, California , near the Pacific Ocean. The firm has over 3,100 employees working in 22 offices throughout the Americas, Europe, and Asia. PIMCO and Allianz Global Investors manage around € 2.5 trillion of third-party assets. PIMCO is also the world's largest active ETF manager (as well as one of the first to introduce actively managed ETFs). PIMCO initially functioned as
110-582: A San Francisco commission house on Front Street, operated by a relative, John Lyons. The business was renamed "Irvine & Co., wholesale produce and grocery merchants". He began investing his profits in income-producing San Francisco real estate and soon became a wealthy man. Irvine also became a silent partner in the sheep-raising venture Flint, Bixby & Company of brothers Thomas and Benjamin Flint, and their cousin Llewellyn Bixby . The purchase of
165-429: A "Wall Street giant" and "bond powerhouse," PIMCO commands significant influence in the financial industry, particularly in fixed income. The PIMCO Income Fund (NASDAQ:PIMIX) is the largest actively managed bond fund in the world. According to data from Morningstar , PIMCO oversees a substantial portion of the world's largest actively managed bond funds, with three out of the top ten funds under its management, including
220-400: A few miles from the ocean. The Pacific Ocean greatly moderates Newport Beach's climate by warming winter temperatures and cooling summer temperatures. Diurnal temperature variation is stronger during the winter than during the summer. Newport Beach does not receive enough precipitation to qualify as a true Mediterranean climate. The 2010 United States Census reported that Newport Beach had
275-609: A home was built at the mouth of the entrance of Newport Harbor that came to be known as the China House of China Cove . The home was built using traditional Chinese architecture. It was a landmark in the Newport Beach Harbor until it was demolished in the 1980s. Some of the original roof can be seen on a home located in the China Cove. Upper Newport Bay is an estuary that was formed by a prehistoric flow of
330-471: A household in the city was $ 64,423, while the median family income was $ 126,976. Males had a median income of $ 73,425 versus $ 45,409 for females. The per capita income for the city was $ 63,015. About 2.1% of families and 4.4% of the population were below the poverty line , including 3.0% of those under age 18 and 3.5% of those age 65 or over. Housing prices in Newport Beach ranked eighth highest in
385-539: A long battle with the city of Costa Mesa , Newport Beach annexed West Santa Ana Heights . Newport Beach extends in elevation from sea level to the 1,161 ft (354 m) summit of Signal Peak in the San Joaquin Hills , but the official elevation is 25 ft (7.6 m) above sea level at a location of 33°37′0″N 117°53′51″W / 33.61667°N 117.89750°W / 33.61667; -117.89750 (33.616671, −117.897604). The city
440-493: A population of 85,186. The population density was 3,587.5 inhabitants per square mile (1,385.1/km ). The racial makeup of Newport Beach was 74,357 (87.3%) White (82.3% Non-Hispanic White), 616 (0.7%) African American , 223 (0.3%) Native American , 5,982 (7.0%) Asian , 114 (0.1%) Pacific Islander , 1,401 (1.6%) from other races , and 2,493 (2.9%) from two or more races. Hispanic or Latino of any race were 6,174 persons (7.2%). The Census reported that 84,784 people (99.5% of
495-557: A third party. According to a March 2018 report by the Sacramento Bee , Newport Beach has the second highest percentage of conservative voters among large cities in California. The Republican candidate exceeded 70% of the vote in Newport Beach in all seven presidential elections from 1964 to 1988 and seven of the nine gubernatorial elections from 1962 to 1994. Although the politics of California have trended in favor of
550-521: 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
605-581: Is a prominent Californian family of real estate developers. Through the Irvine Company , the family played an important role in the development of Orange County . The city of Irvine and the University of California, Irvine take their name from the family. James Irvine (1827–1886) was born in County Down , United Kingdom of Great Britain and Ireland on December 27, 1827, the second to
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#1732787826327660-612: Is bordered on the west by Huntington Beach at the Santa Ana River ; on the north by Costa Mesa , John Wayne Airport , the City of Irvine and UC Irvine ; and on the east by Crystal Cove State Park . According to the United States Census Bureau , the city has a total area of 53.0 square miles (137 km ). 23.8 square miles (62 km ) of it is land and 29.2 square miles (76 km ) of it (55.07%)
715-519: Is buried in Colma, California . James Harvey Irvine, Sr. (1867–1947), son of James Irvine I and Henrietta Maria (Nettie) Rice, was born October 16, 1867, in San Francisco. He was the grandson of Harvey Rice . James II's mother died when he was seven years old, and his father died when he was about eighteen. Between the time of James Irvine I's death in 1886 and James Irvine II's inheritance of
770-656: Is commonly called Lower Newport Bay, or Newport Harbor. However the Back Bay also has harbor facilities, especially the marina and launch ramp at Newport Dunes Marina. The north end of the Newport Harbor channels surrounding Lido Isle has several small business centers and was at one time used as a home by the fishing fleets. On the North East side of the channel, the Lido Marina Village now acts as
825-486: Is in Newport Beach and responsible for the exterior design of the 2nd, 5th, and 7th generation Celica , as well as some Lexus and Scion models. According to the city's 2021 Comprehensive Annual Financial Report here are the top employers in the city. Beachgoers have flocked to Newport Beach since the Pacific Electric Railway began bringing them in 1905. Attractions include the city beaches from
880-492: Is known for its sandy beaches. The city's harbor once supported maritime industries. Today it is used mostly for recreation. Balboa Island draws visitors with a waterfront path and easy access from the ferry to the shops and restaurants. The Upper Bay of Newport is a canyon carved by a stream in the Pleistocene period. The Lower Bay of Newport was formed much later by sand brought along by ocean currents, which constructed
935-766: Is named after him. He died of a heart attack on August 24, 1947 while on a fishing trip in Montana at the Flying D Ranch with Irvine Company manager William Bradford Hellis and real estate broker Walter S. Tubach. James Harvey Irvine, Jr. (1894–1935) was groomed since a young man to take over the Ranch. He married Madeline Agassiz in 1914, but they were divorced in 1928. He married Athalie Richardson (1903–1993) in 1929, and they had one daughter, Athalie Anita "Joan" Irvine (1933–2019 ). When James Irvine III died of tuberculosis in 1935, James II set up The James Irvine Foundation ,
990-665: Is the largest sailboat race in the world. Boating activities are organized by five private yacht clubs , along with Orange Coast College, UC Irvine, and the Sea Scouts, all of which have sailing, rowing, and water activity bases on the harbor. The Newport Aquatic Center allows public participation in competitive rowing, canoeing, kayaking, and outrigger canoe racing. The Orange Coast College School of Sailing and Seamanship offers recreational and professional sailing and mariners' courses and certifications, including United States Coast Guard licensing. Weekly races take place during
1045-399: Is the largest Mercedes-Benz dealership in the world. At one time Edwards Theatres had its headquarters in Newport Beach. Before its dissolution Air California was headquartered in Newport Beach. The city's largest law firm is Stradling Yocca Carlson & Rauth , with approximately 75 attorneys at its Fashion Island location. Toyota has a design center, Calty Design Research which
1100-414: Is used mostly for recreation. Its shores are occupied mostly by private homes and private docks . Newport Harbor has approximately 9,000 boats and is one of the largest recreational boat harbors on the U.S. west coast. It is a popular destination for all boating activities, including sailing , fishing , rowing , canoeing , kayaking , and paddleboarding . Commercial maritime operations today include
1155-736: Is water. Areas of Newport Beach include Corona del Mar , Balboa Island , Balboa Peninsula (also known as Balboa ), Lido Peninsula, Newport Coast , San Joaquin Hills , Santa Ana Heights , and West Newport. Newport Harbor is a semi-artificial harbor that was formed by dredging Newport Bay estuary during the early 1900s. Several artificial islands were built, which are now covered with private homes: Newport Island, Balboa Island , Little Balboa Island, Collins Island , Bay Island , Harbor Island , Lido Isle , and Linda Isle . Newport Harbor once supported maritime industries such as boatbuilding , shipbuilding , and commercial fishing , but today it
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#17327878263271210-649: The 1906 San Francisco earthquake , when he relocated to the Irvine Ranch. He was a member of the Bohemian Club , and kept a residence in San Francisco, at 2421 Pierce Street. He established the James Irvine Foundation in 1937, an entity dedicated to the "general well-being of the citizens and residents of the state of California." James II owned nearly a third of the land in present-day Orange County . The city of Irvine (formerly Myford)
1265-535: The Catalina Flyer ferry to Catalina Island , harbor tours, sport fishing , whale watching day trips, and charters as well as a few small commercial fishing boats. Newport Bay is divided by the Pacific Coast Highway bridge, which is too low for most sailboats and very large boats to pass under. North of the bridge is referred to as Upper Newport Bay , or the Back Bay. South of the bridge
1320-510: The Democratic Party , Newport Beach has remained Republican but has become less Republican over time. In 2016 , as Donald Trump became the first GOP presidential candidate to lose Orange County since Alf Landon in 1936, Trump won Newport Beach by a margin of 14 points. Trump also won Newport Beach by a margin of nearly ten points in the 2020 election. James Irvine (landowner) The Irvine family of Southern California
1375-675: The Santa Ana River to the tip of the Balboa Peninsula , Corona del Mar State Beach , and the beaches at Crystal Cove State Park . Newport Beach is known for good surfing , especially between Newport Pier and the Santa Ana River . At the tip of the Balboa Peninsula , The Wedge offers world-class bodyboarding and bodysurfing . Newport Pier and Balboa Pier draw fishermen and sightseers. A boardwalk runs 2.9 miles (4.7 km) from 36th Street in West Newport, past Newport Pier and Balboa Pier, to between E and F Streets on
1430-635: The Santa Ana River . Today it is fed by a small stream from San Diego Creek . Much of Upper Newport Bay is a protected natural area known as the Upper Newport Bay Ecological Reserve , established in 1975. Newport Beach has a mid-latitude semi-arid climate ( Köppen climate classification : BSk ) with characteristics of a warm-summer Mediterranean climate ( Köppen : Csb ). Like many Los Angeles and Orange coastal cities, Newport Beach exhibits weak temperature variation, diurnally and seasonally, compared to inland cities even
1485-954: The United States House of Representatives , Newport Beach is in California's 47th congressional district , represented by Democrat Katie Porter . Newport Beach has supported Republican candidates for president and governor consistently since at least 1962. As of February 2020, the California Secretary of State reported that Newport Beach had 57,408 registered voters; of those, 14,097 (24.56% vs. 35.63% in Orange County) are registered Democrats, 27,472 (47.85% vs. 34.16% in Orange County) are registered Republicans, 12,996 (22.64% vs. 25.29% in Orange County) have stated no political party preference, and 2,843 (4.95% vs. 4.92% in Orange County) are registered with
1540-568: The Upper Newport Bay Ecological Reserve and Peter and Mary Muth Interpretive Center ; and Crystal Cove State Park features tide pools at its beach, with backcountry hiking and mountain biking trails. Camping is available at Crystal Cove State Park and at the Newport Dunes Waterfront Resort and Marina. Whale watching is also popular in the area, with both scheduled and charter boats leaving directly from Newport Harbor. Whales and dolphins can often be seen from
1595-469: 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 . PIMCO appointed Emmanuel Roman as CEO effective November 1, 2016. He succeeded Douglas M. Hodge , who
1650-633: The 48,800-acre (197 km ) Rancho San Joaquin in 1864 and the 47,200-acre (191 km ) Rancho Lomas de Santiago in 1866 marked the beginning of their operations in Southern California. In 1867, Irvine married Henrietta Maria (Nettie) Rice, the daughter of prominent Cleveland, Ohio , educator, writer, poet, and Ohio State Senator Harvey Rice , who was a direct descendant of early Massachusetts Bay Colony settler Edmund Rice . Nettie died in 1874, and Irvine married Margaret Byrne in 1880. He died of Bright's disease on March 15, 1886, and
1705-505: The Balboa Peninsula for both pedestrians and bikers. Newport Harbor is the largest recreational boat harbor on the U.S. west coast, and a popular destination for all boating activities, including sailing , fishing , rowing , kayaking , and paddleboarding . The annual Christmas Boat Parade started in 1908. Competitive sailing, rowing, and paddling events are common. The annual Newport to Ensenada International Yacht Race
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1760-587: The Balboa and Newport Piers, as well as the shoreline during migration season. Fishing is also extremely popular in Newport Bay, off the coast of Newport, and along the Newport Bay Jetty. Within the bay, there are multiple locations to purchase bait for dockside or spearfishing convenience. There are about 80 fishable species located in Newport Bay. A few of the most commonly fished species include
1815-542: The Gray Smoothhound Shark, Leopard Shark, Round Stingray, Shovelnose Guitarfish, Pacific Staghorn Sculpin, Silvery Mullet, Top-smelt, California Halibut, Spotted Sand Bass, Yellowfin Croaker, Bat Ray, Thornback Ray, Diamond Turbot, Shiner Surfperch, Corbina, Opaleye, Pile Surfperch, and Red Shiner. Commercial fishing is also prominent in offshore Newport Beach and Newport Bay. Lobsters are commonly fished in
1870-512: The Newport area. Anglo-American inhabitation in the area grew substantially following 1870 when a 105-ton steamer named The Vaquero, captained by Captain Samuel S. Dunnells (against warnings posted by surveyors), safely steered through the lower and upper bay of Newport where it unloaded its cargo. James Irvine , upon hearing the astonishing news, quickly traveled from his home in San Francisco to
1925-556: The San Joaquin Ranch. Meeting in Irvine's ranch house near present-day UC Irvine with his brother Robert Irvine and friend James McFadden, they agreed that the newly found port should be simply named "Newport" which is where Newport Beach gets its name. James McFadden built a long McFadden Wharf in 1888. In 1905, city development increased when Pacific Electric Railway established a southern terminus in Newport connecting
1980-535: The Southern California real estate holdings upon his twenty-fifth birthday in 1892, the properties were supervised by James Irvine I's brother, George Irvine. James II bought out Flint and the other partners, and formed the Irvine Company . He married Frances Anita Plum in 1892, and they had three children, James Harvey "Jase" Irvine Jr. (1894–1935), Katharine Helena Irvine (1894–1920) and Myford Plum Irvine (1898–1959). In 1931, James II married Mrs. Kathryn Brown White, who died in 1950. James II lived in San Francisco until
2035-469: The United States in a 2009 survey. Newport Beach is home to one Fortune 500 company, insurer Pacific Life . Other companies based in Newport Beach include Acacia Research , Galardi Group ( Wienerschnitzel ), Chipotle Mexican Grill , The Original Hamburger Stand , Tastee-Freez , the Irvine Company , Jazz Semiconductor , PIMCO , and Urban Decay . Fletcher Jones Motor Cars in Newport Beach
2090-415: The average family size was 2.71. In the city, the population was spread out, with 15.7% under the age of 18, 6.5% from 18 to 24, 33.0% from 25 to 44, 27.2% from 45 to 64, and 17.6% who were 65 years of age or older. The median age was 42 years. For every 100 females there were 97.9 males. For every 100 females aged 18 and over, there were 96.6 males. According to a 2019 US Census estimate, the median income for
2145-475: The beach with downtown Los Angeles . In 1906 (with a population of 206 citizens), the scattered settlements were incorporated as the City of Newport Beach. Settlements were filled in on the Peninsula, West Newport, Newport Island, Balboa Island , and Lido Isle . In 1923, Corona del Mar was annexed and in 2002, Newport Coast , East Santa Ana Heights , and San Joaquin Hills were annexed. In 2008, after
2200-554: The city's governing body was known as a board of trustees with a president as its head. An act of the Legislature in 1927 changed the board to City Council with a mayor as the head. In the California State Legislature , Newport Beach is in the 36th Senate District , represented by Republican Janet Nguyen , and in the 72nd Assembly District , represented by Republican Diane Dixon . In
2255-484: The island attracts walkers and joggers and provides easy access from the ferry to the shops and restaurants. Fashion Island at Newport Center is a regional shopping and entertainment destination. Dining in Newport Beach tends to focus on seafood restaurants. Upper Newport Bay , or the Back Bay, is ringed by Back Bay Drive and a network of trails and paths that attract bicyclists , rollerbladers , joggers, and walkers. Bird watchers and nature lovers are drawn to
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2310-477: The largest. Under Morningstar's rating system, 42 of PIMCO's mutual funds hold a 5-Star rating, and 90 funds hold a 4-Star rating. Notable former or current employees include: [REDACTED] Media related to PIMCO at Wikimedia Commons Newport Beach, California Newport Beach is a coastal city of about 85,000 in southern Orange County, California , United States. Located about 40 miles (64 km) southeast of downtown Los Angeles , Newport Beach
2365-405: The local port to many "Newport Party Boats" that can be rented for events, as well as small merchants and local restaurants. It also hosts the area boat show each year, and an organic "Farmers Market" on Sundays, in addition to being the port for the local Gondola Company. In 2014, the center was closed for a renovation. The Lido Village was reopened in 2017 after a complete renovation. In 1927,
2420-561: The offshore beach now recognized as the Balboa Peninsula of Newport Beach. For thousands of years, the Tongva people lived on the land in an extensive, thriving community. The Tongva villages of Genga and Moyongna were located in Newport Beach. The Spanish Empire colonized the land, followed by Mexicans and Americans , all of whom displaced the Tongva. The State of California sold 1-acre (0.40 ha)-plots of land for $ 1 apiece in
2475-643: The population) lived in households, 151 (0.2%) lived in non-institutionalized group quarters, and 251 (0.3%) were institutionalized. There were 38,751 households, out of which 8,212 (21.2%) had children under the age of 18 living in them, 17,273 (44.6%) were opposite-sex married couples living together, 2,608 (6.7%) had a female householder with no husband present, 1,199 (3.1%) had a male householder with no wife present. There were 1,846 (4.8%) unmarried opposite-sex partnerships , and 233 (0.6%) same-sex married couples or partnerships . 12,838 households (33.1%) were individuals, and 4,412 (11.4%) had someone living alone who
2530-399: The population) lived in owner-occupied housing units, and 34,273 people (40.2%) lived in rental housing units. In 2009–2013, Newport Beach had a median household income of $ 106,333, with 7.9% of the population living below the federal poverty line. As of the census of 2000, there were 70,032 people, 33,071 households, and 16,965 families residing in the city. The population density
2585-408: The population. There were 33,071 households, out of which 18.0% had children under the age of 18 living with them, 42.5% were married couples living together, 6.1% had a female householder with no husband present, and 48.7% were non-families. 35.3% of all households were made up of individuals, and 10.1% had someone living alone who was 65 years of age or older. The average household size was 2.09, and
2640-404: The reefs. However, the bright orange Garibaldi fish found offshore is a protected species. On dark nights intense occurrences of bioluminescence can be observed when waves splash into the shore or when marine animals leave glowing traces in their wake. The Pelican Hill area has two golf courses that rank among Golf Digest America's 100 Greatest Public Golf Courses. The City of Newport Beach
2695-675: The summer including the Beer Can Races . The historic Balboa Pavilion and Balboa Island Ferry are on the Balboa Peninsula and Balboa's most famous landmarks. The 500-passenger Catalina Flyer is adjacent to the Pavilion and provides daily transportation to and from Avalon , located on Santa Catalina Island . The Balboa Fun Zone is also home to the Newport Harbor Nautical Museum . Balboa Island village draws many visitors. A waterfront path around
2750-631: The youngest of nine children. When Ireland's potato crop failed in 1845, James Irvine and his younger brother William were among those who left for the United States . The family name is Scottish, meaning that James would have been an Ulster Scot , or Scots-Irish . Irvine worked for two years in New York City . In 1848 Irvine went to join the California Gold Rush as a merchant and miner. In 1854, he purchased an interest in
2805-399: Was 4,738.8 inhabitants per square mile (1,829.7/km ). There were 37,288 housing units at an average density of 2,523.1 per square mile (974.2/km ). The racial makeup of the city was 92.22% White , 0.53% African American , 0.26% Native American , 4.00% Asian , 0.12% Pacific Islander , 1.13% from other races , and 1.74% from two or more races. Hispanic or Latino of any race were 4.71% of
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#17327878263272860-403: Was 44.0 years. For every 100 females, there were 97.1 males. For every 100 females aged 18 and over, there were 95.5 males. There were 44,193 housing units at an average density of 834.2 per square mile (322.1/km ), of which 21,224 (54.8%) were owner-occupied, and 17,527 (45.2%) were occupied by renters. The homeowner vacancy rate was 1.7%; the rental vacancy rate was 7.8%. 50,511 people (59.3% of
2915-418: Was 65 years or older. The average household size was 2.19. There were 21,080 families (54.4% of all households); the average family size was 2.81. The population was different ages with 14,744 people (17.3%) under the age of 18, 6,659 people (7.8%) aged 18 to 24, 22,299 people (26.2%) aged 25 to 44, 25,322 people (29.7%) aged 45 to 64, and 16,162 people (19.0%) who were 65 years of age or older. The median age
2970-502: Was CEO from 2014 to 2016. According to PIMCO, the members of their global advisory board members are: Apart from the board, Dan Ivascyn - the group chief investment officer (CIO) - broadly oversees portfolio management and investment strategy. There are also five other CIOs: Andrew Balls , CIO Global Fixed Income; Mark Kiesel, CIO Global Credit; Mohit Mittal, CIO Core Strategies; Marc Seidner, CIO Non-traditional Strategies; and Qi Wang, CIO Portfolio Implementation. Often referred to as
3025-408: Was incorporated on September 1, 1906 and adopted its charter on January 7, 1955. The city implements a council–manager form of government, directed by a seven-member council who reside in specific geographic districts, but are elected at-large. Council elections take place in even-numbered years, and council members serve four-year terms. The mayor is chosen annually by the city council. Until 1927
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