Newport Beach-based bond funder manager Pacific Investment Management Co. has surpassed $1 trillion in assets under management for the first time.
As of Dec. 31, Pimco said its assets were $1.0001 trillion, up from $941 billion as of Sept. 30.
The milestone puts the company in an elite crowd. Pennsylvania’s Vanguard Group Inc. and Los Angeles-based Capital Group Cos.’ American Funds also are in the trillion-dollar club.
Last year, Pimco vied with Vanguard for the lion’s share of investment money.
According to Chicago-based mutual fund tracker Morningstar Inc., Vanguard’s funds brought in more than $88 billion last year, much of it to the company’s bond funds.
Pimco drew the second largest amount at $74 billion.
The company saw a record influx of cash into its bond funds, even as stocks surged on Wall Street last year.
In December, Pimco’s flagship Total Return Fund, run by founder and Co-Chief Investment Officer Bill Gross, became the largest mutual fund in history with $202 billion in assets under management.
