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Monday, Aug 15, 2022
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PIMCO Foundation Invests $10 Million in Food Bank

Newport Beach-based PIMCO Foundation said it will give its largest donation ever, $10 million, to the Global FoodBanking Network to help communities suffering from hunger.

In addition, PIMCO Chief Executive Officer Emmanuel Roman and Chief Investment Officer Dan Ivascyn will give $5 million each personally for a combined investment of $10 million to charities, including GFN, that focus on alleviating inadequate access to food and resources.

The foundation’s previous donations of $3.5 million to GFN have helped expand food access to more than 3 million people. In one case, the partnership with GFN helped a local food bank in Indonesia increase its reach from 3,000 people served to 29,000 in just one year. The new funds, which will be deployed over a 5-year period, aim to improve food access by distributing 17.9 million kilograms of food globally.

“Food security is essential for societies and economies to thrive,” Roman and Ivascyn said in a statement. “While our investments are just one humble contribution in global efforts to eradicate hunger, we believe we can have a real impact by supporting organizations like GFN to help supply a reliable source of food to communities in need.”

Pacific Investment Management Co. (PIMCO), founded in 1971 in Newport Beach, is one of the world’s premier fixed income investment managers with $2.16 trillion in assets.

GFN supports locally-led food banks in more than 40 countries, the majority of which are based in resource-scarce communities.

 

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Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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