Pacific Investment Management Company, LLC (commonly called PIMCO), is a global investment management firm headquartered in Newport Beach, California, with over 2,000 employees working in 13 offices across 12 countries. PIMCO is a fixed income investment management company, with $1.2 trillion in 3rd party assets under management as of January 17, 2015. The company also manages $400 billion in assets for Allianz. The company runs the largest bond mutual fund in the world, the PIMCO Total Return Fund, and provides portfolio management and asset allocation solutions for millions of investors worldwide. PIMCO offers a broad list of investment strategies that encompass the entire risk spectrum and capital structure, including structured credit, alternatives, real assets, equities and currencies. PIMCO also has an ETF business, which had approximately $13.581 billion in assets under management, as of Jan. 21, 2014. PIMCO oversees investments on behalf of a wide range of clients, including millions of retirement savers, public and private pension plans, educational institutions, central banks and government agencies, foundations and endowments and financial intermediaries among others. The firm is known to have coined and popularized the phrase “the New Normal” in the aftermath of the subprime mortgage crisis in 2009. More recently, PIMCO introduced the “New Neutral” thesis to characterize a period of lower but stable economic growth, and interest rates to remain low for a longer period of time.