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Related Topics: Pimcos profits are down by 7.9 percent in the third quarter of this year, and the firm saw saw almost $50 billion in outflows last month. "Last year alone, PIMCO paid over $1.5 billion in bonus compensation to its top executives. [17][14], In February 2020, the Wall Street Journal newspaper published an Opinion piece written by Mr Hodge titled, "I Wish I'd Never Met Rick Singer"[18], Securities Industry and Financial Markets Association, Federal Correctional Institution, Otisville, "An interview with Douglas Hodge of PIMCO,", "Can Pimco's quiet point man shine in public? He was chair of President Obama's Global Development . Executive Compensation Guide : Reviews fundamental characteristics of some common executive compensation plans including restricted stock, stock options . PIMCO employees rate the overall compensation and benefits package 3.7/5 stars. We anticipate where and when energy will be scarce and sell it to where it's needed. Inflation is high, so why arent mortgage rates higher? However, despite stellar returns evading Pimco last year, it possesses highly rated funds and investors continue to deposit money. The work of the institute will look to appropriately combine economics and finance with neuroscience, psychology, politics and behavioral finance to better understand how people actually make decisions rather than how narrow theory assumes they will. [14] He moved to the private sector in January 1998, working in London at Salomon Smith Barney/Citigroup before being recruited by PIMCO to lead its work on emerging markets. Very little support from senior management. We know how this works.[12][13], According to the affidavit, in November 2018 in a taped call Singer told Hodge that his charitable foundation was being audited. Individual salaries will, of course, vary depending on the job, department, location, as well as the individual skills and education of each employee. The fund then stumbled when the Federal Reserve hinted it would unwind stimulus measures, sparking investor redemptions. Musk Made a Mess at Twitter. On this Wikipedia the language links are at the top of the page across from the article title. Gross departed from Pimco after deputies, including Mr. Ivascyn, threatened to quit and management debated his ouster, according to people familiar with the matter. However, if there is going to be change, it can only come from Pimcos big institutional customers. In the 50+ years since, we have worked relentlessly to help millions of investors pursue their objectives - regardless of shifting market conditions. Pimco hasnt lost any portfolio managers since Mr. Purpose at PIMCO Careers Inclusion and Diversity Women & Investing Log in Register Access my Account Contact Us Firm Leadership The Leadership Team Our Executive Committee determines the company's strategic direction and oversees the broad scope of our operations. Does it go far enough? [12][13], Also according to the affidavit, in August 2018 Hodge called Singer to ask about getting his youngest son into Loyola Marymount University. Shareholders of the Total Return Fund netted about $10 billion from its mortgage plays. Learn More Get subscriber-only insights and news delivered by Barry every two weeks. Watch Vonn and Sinner as they explore the dedication and work required to become the best. Douglas M. Hodge (born in 1957) is an American businessman. Daniel Ivascyn, Pimcos new group chief investment officer, appointed after Mr. Gross surprise departure on Sept. 26, made a bonus of about $70 million last year, the documents show. He participated in the international symposium of the Banque de France. Gross, who now works for Janus Capital Group Inc., and Mr. El-Erian didnt respond to phone calls seeking comment. Here are some companies in the same or similar industry as Pimco. The bank cited its asset and wealth management business as the area offering the most significant growth opportunity. Our model gets smarter over time as more people share salaries on Glassdoor. Hi - looking for insights into PIMCO Account Manager (post MBA) total compensation breakdown and comp trajectory. The funds are the brainchild of the manager behind anti-ARK ETF, which gave investors an easy way to wager against Cathie Wood's flagship strategy. Based on 7859 salaries posted anonymously by BlackRock Senior Executive Assistant employees in Cohoes. 2023 InvestmentNews LLC. The realignment of power among bond managers is only just beginning. But while Gross may be gone, the high fees and compensation structure at Pimco appear to remain firmly in place. The glaring question here is this: why is Pimco's salary distribution so skewed? His Pimco Total Return more than doubled in size from 2008 to its peak of $293 billion in April 2013, when it was the worlds biggest mutual fund. * PIMCO manages $1.74 trillion in assets, including $1.38 trillion in third-party client assets as of 31 December 2022. Since then, Pimco has grown into a behemoth, in terms of the bottom line and as a force in the bond market. [3] He retired in 2017. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX. He was also the keynote speaker at the 2014 CME Conference along with Ben Bernanke and Colin Powell. In its legal filing on Wednesday, PIMCO described the sexual harassment allegations as "salacious and unfounded," arguing that the claims were designed to "garner media attention and inflame. If you suffer from mental illness (depression, anxiety, etc. Half of Q4 2022 transactions had wire and title fraud risks. Based on news reports, public records and new data obtained by Bloomberg View, it appears that Pimco had a 2013 bonus pool for its 60 managing directors of almost $1.5 billion. How do you transition from QC defense to offense in 2023? El-Erian remains a member of the parent company's (Allianz) international executive committee, chairs its International Advisory Committee, and is an advisor to the management board. Bloomberg Views fee analysis suggests Allianz takes about 70 percent of the total revenue Pimco generates annually (plus or minus a few percentage points). All rights reserved. Investment decision-making at PIMCO, however, is very much a team effort, one that draws upon the . Good place to work. Company culture is a leftover from 1970s, with self interested managers offering very little help to junior employees. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, More Iranian Schoolgirls Sickened in Suspected Poisoning Wave, No Major Offer Expected on Childcare in UK Budget, Oil Investors Get $128 Billion Handout as Doubts Grow About Fossil Fuels, Climate Change Is Launching a MutantSeed Space Race, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? Mr. Gross reward accounted for 20% of the firms total bonus pool, according to the documents. [32][33][34] In December 2012, Marketwatch named him one of "30 leaders who will set the agenda in 2013" the publication's annual list of the people who will shape economic currents in the coming year. Vice President salaries at PIMCO can range from 107,764 - 160,000 per year. Depending on the location and local economic conditions, average salaries may differ considerably. He has appeared regularly on the Orange County Business Journal's list of most influential personalities. The figures provide a rare glimpse of how some executives were paid at Pimco, even as performance at the firms main fund stumbled and clients started to pull out. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. We now have offices in Milan, Munich, London and Zurich, providing clients with local service and portfolio management expertise. Dimon has been billed as Wall Street's highest paid banker. [4] Named for four years in a row as one of Foreign Policy's "Top 100 Global Thinkers," he has written two New York Times Best Sellers, including, The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse published in January 2016 by Random House. Executive Vice President salaries at PIMCO can range from $326,589 - $357,526. Salmons speculation was, indeed, wildly inaccurate to the downside. [12][13], Hodge first began paying Singer in 2008, when he wanted to have Georgetown University admit one of his daughters. After twenty months at Harvard, El-Erian returned to PIMCO in December 2007 as CEO and co-CIO. Most Salaries Submitted Highest to Lowest Lowest to Highest Portfolio Analyst About $95K - $104K/yr Avg. Financial Times/McKinsey Business Book of the Year, The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse, Financial Times and Goldman Sachs Business Book of the Year Award, International Center for Research on Women, Peterson Institute for International Economics, Carnegie Endowment for International Peace, King Abdullah University of Science and Technology, "Allianz Names El-Erian as Chief Economic Adviser", "El-Erian: How the markets should read Ukraine's crisis", "THE ONLY GAME IN TOWN by Mohamed A. El-Erian", "Mohamed A. El-Erian Named a Senior Global Fellow at the Lauder Institute and Part-Time Professor of Practice at the Wharton School", " ", "Allianz's Mohamed El-Erian on life after Pimco", "Commencement Speech: American University in Cairo", "Obama appoints Indian-American Smita Singh in president's Global Development Council", "High-flying CEO quits after daughter writes list of 22 milestones he missed", "Mohamed El-Erian Vs. Bill Gross: The Two Bond Kings (C, JNS)", "Inside the Showdown Atop Pimco, the World's Biggest Bond Firm", "Gross gone, but El-Erian just says no to Pimco", "The A-List | Must-read views on today's top news stories", "When Markets Collide - Mohamed El-Erian wins the Financial Times and Goldman Sachs Business Book of the Year Award 2008", "Foreign Policy's First Annual List of the 100 Top Global Thinkers", "Foreign Policy's Second Annual List of the 100 Top Global Thinkers", "Who Are the 'Most Influential' People in the Investment Advisory Business? Get subscriber-only insights and news delivered by Barry daily. Big Tech Players usually pay fair amount of compensation through stocks and bonuses which is not captured as part of H1B Salary Information. No matter how talented an athlete is, seeking advice from those who have gone before you is part of the journey to success. Base salary is the fixed . In April 2013, Foreign Policy named him as one of the 500 most powerful people on the planet. In the world ofsports, you would have to take the total salaries, winnings and endorsement deals of LeBron James, Lionel Messi, Kobe Bryant, Tiger Woods and Roger Federer together to be on par with Gross. The estimated salary at PIMCO ranges from approximately $61,000 per year for Campus Recruiter to $229,472 per year for Senior Vice President. Janus Capital Group, "[6], Hodge was chief executive officer of PIMCO, the world's largest bond manager, from 2014-2016. The culture of openness and collaboration is not what it used to be. However, in 2009 four directors shared 11m. As of December 31, Pimco managed about $2.2 trillion in assets, which placed it among the largest money managers. He later obtained a master's degree (1983) and a doctorate (1985) in economics from St Antony's College, Oxford. [30] In 2017, he again was listed on Worth's "power 100." Pressure to have FCA or MBA. PIMCO is a global investment manager with a presence on-the-ground in Europe since 1998, and a longer history of managing assets for European clients. El-Erian has served on several boards and committees, including the U.S. Treasury Borrowing Advisory Committee, the International Center for Research on Women, the IMF's Committee of Eminent Persons, and the Peterson Institute for International Economics. Investment decision-making at PIMCO, however, is very much a team effort, one that draws upon the skills and insights of our portfolio managers and analysts around the globe. Bloomberg Law speaks with prominent attorneys and legal scholars, analyzing major legal issues and cases in the news. Pacific Investment Management Co. paid former chief investment officer Bill Gross a bonus of about $290 million in 2013, a year in which his Total Return Fund (PTTAX) trailed a majority of peers, according to documents provided to Bloomberg View by someone with knowledge of Pimcos bonus policies. Fun fact. Actual bonuses at Pimco are higher, much higher, than probably any outsiders previously believed. The yield on six-month US Treasury bills rose as high as 5.14% Tuesday, the most since 2007. In April 2018, Stacy Schaus, who was then executive vice president and defined contribution practice leader of PIMCO, sued her employer of 12 years, citing age and sex discrimination that. Average PIMCO salaries by department include: Engineering at $132,487, Legal at $130,874, IT at $100,830, and Finance at $81,519. Lead Analyst Logan Mohtashami explains. Bill Gross and Mohamed El-Erian, PIMCO's now-ex co-CIOs and co-CEOs, reportedly each received over half a billion dollars in bonus compensation ($290 million to Gross and $230 million to El-Erian)." But an article in Bloomberg View finally puts some data to the long-asked question. The lowest-paying job at PIMCO is an Administrative Assistant with a salary of $55,335 per year. To put that in perspective, Jamie Dimon, the chief executive of JPMorgan Chase and one of the most powerful figures in American finance, got a quarter of that. He was inducted into the Fixed Income Analysts Society Hall of Fame on April 14, 2011. [64] On October 1, 2020, he took up office as President of Queens' College, Cambridge.[65]. A publicly traded German insurer, Allianz has released some details about Pimcos operations in its quarterly earnings reports. Site by, The new, must-have technology thats tackling lendings greatest challenges. From practice management, to wealth planning and investment consulting, PIMCO's Advisor Education team helps financial professionals build their knowledge base to grow their business. In November 2013, he delivered the luncheon speech at the IMF's Annual Research Conference that also featured Ben Bernanke, Olivier Blanchard, Stanley Fischer, Ken Rogoff, and Larry Summers. The pressure to perform and remain at the top once you're there? Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, Stock Traders Are Ignoring Blaring Bond Alarms, iPhone Maker Plans $700 Million India Plant in Shift From China, Russia Is Getting Around Sanctions to Secure Supply of Key Chips for War. Perhaps itmight also be a good time for Pimco itself to consider slicing its fees. Douglas Hodge, now the CEO, took home $45 million of holiday cheer. The salary paid can be different for the same position in Pimco based on experience, skills, and education. [18] Despite this, El-Erian praised Gross as "a brilliant investor anchored by three things that you hardly ever find in an investor: Strong fundamentals including economics, a really good feel for the market and strong bond math" when Gross departed Pimco.[19]. This element of partnership has always been in place and has been a basis of success at Pimco. The payments under this partnership structure are not comparable to common forms of variable compensation payments. Pimco also became the go-to company for the Federal Reserve and U.S. Treasury in many of the credit facilities used to combat the continuing economic fallout from the financial crisis. In the U.S., it is hard to imagine $1.5 billion in spending on anything not being disclosed. By October, Pimco Total Return had ceded the title of biggest mutual fund to an offering from Vanguard Group Inc. After 18 straight months of client redemptions, its been reduced to $170.9 billion in assets as of Oct. 31, according to Pimco. He also served as a member of the faculty of Harvard Business School. How much do PIMCO employees make? Gross proposed. Thats exactly what professional tennis player Jannik Sinner had in mind when he met up with Lindsey Vonn, US Olympic Champion and one of the best alpine ski racers of all time. As of 2020, he is a member of the Harvard Global Advisory Council. Each salary is associated with a real job position. Pimco has more bond investors than anybody else. Daniel Ivascyn rode one big trade all the way to the top of the bond-market universe: speculative mortgage debt that he scooped up on the cheap in [3] He was in charge of the Asia-Pacific region from the company's Tokyo office from 2002 to 2009. Gross, according to Wemmer. The company has grown in size and significance during the sovereign debt crisis as high-deficit European countries desperately need investors to buy their bonds. Looking at Glassdoor, bonuses seem higher than quoted by the hiring manager. Pimco pays an average salary of $1,609,016 and salaries range from a low of $1,396,978 to a high of $1,855,475. [29] He appears regularly on CNN, CNBC, and Bloomberg as well as other media outlets. El-Erian worked for several years at PIMCO as a managing director and head of the emerging market portfolio team, where he earned notoriety by avoiding the 2001 bond default by Argentina that otherwise stung the international bond market. Raises rarely meet inflation, and if they do expect them to offset the increase with a reduction to your bonus. Finance & Accounting Based on 327 salaries Account Analyst 59 salaries Portfolio Associate 50 salaries View More Business Based on 236 salaries Vice President 61 salaries Account Associate 43 salaries View More How much compensation the folks at Pacific Investment Management Co., better known as Pimco, haul in each year has always been a topic of fascination on Wall Street. [62] In December 2015, El-Erian was the keynote speaker at the Information Management Network Conference in Scottsdale, Arizona. Disclosures [42] In both 2016 and 2017, Linked-In recognized him as one of its top 3 "voices" among its "influencers." [12], El-Erian has served on the boards of trustees of several educational institutions, including Pegasus, St. Margaret School, Cambridge in America and KAUST. Pimco has a very sweet deal going: its managing directors get to keep 30% of all the firm's profits. He is a member of the Financial Times "A-List"[20] of writers, has a monthly column in Foreign Policy and is a contributing editor at the FT. The highest paying salary package reported for a Software Engineer at PIMCO sits at a yearly total compensation of $330,000. Mr. Schwarzman, whose Blackstone Group managed $266 billion at the end of last year, received $374.5 million in pay and cash dividends. The average salary of Pimco is $1,609,016 in the United States. [15], He pleaded guilty in October 2019 to conspiring to commit fraud and money laundering. [12][13], Also according to the affidavit, in December 2014 Hodge asked Singer by e-mail if his son, who was in high school, was really qualified for USC. Mr. The data come from Robert Half's 2020 marketing salary guide , and are not industry specific, but are indicative of the overall trends in marketing. Lets lower that to account for discounts given to large institutional clients, and we get a rough estimate of about 50 basis points. Assets include $81.8 billion (as of 30 September 2022) in assets of clients contracted with Allianz Real Estate, an affiliate and wholly-owned subsidiary of PIMCO and PIMCO Europe GmbH. Pay ranges for the same job title may differ based on the location and the responsibilities, skills, experience, and other requirements for a specific job. The market for fixed income asset management has never been in greater flux than it is today. He pleaded guilty in October 2019 to the felony of conspiring to commit fraud and money laundering. It has had a specialty in fixed income since it was cofounded in 1971 by Bill. He helped deliver investment performance for clients and grow PIMCO's assets under management from under $1 trillion to $2 trillion. Any one familiar with comp for a Portfolio Associate roll at PIMCO on their mortgage backed securities team? Hodge was born in New York, New York, and grew up in suburban Boston and Connecticut. Those 325 were paid salaries (including bonuses) totalling 172m. [10][12] She was admitted into USC, but did not ever play soccer. SPECIAL PERFORMANCE The average PIMCO executive compensation is $226,173 a year.The median estimated compensation for executives at PIMCO including base salary and bonus is $214,549, or $103 per hour. At PIMCO, the most compensated executive makes $700,000, annually, and the lowest compensated makes $65,000. Outflows from the flagship Pimco total return fund, the world's largest bond. The average PIMCO salary ranges from approximately $55,335 per year for an Administrative Assistant to $471,755 per year for a Senior Vice President. Our portfolio management team is headed by our chief investment officers (CIOs), led by Daniel J. Ivascyn. On December 21, 2012, President Obama announced the appointment of El-Erian as the chair of the president's Global Development Council, leading the council in its role of informing and providing advice to the president and other senior U.S. officials on global development policies and practices. Everyone - from the merely highly-paid to low-wage workers - is losing ground to the new income elite. Average pay per director remained at around 8m. Based on 22 salaries posted anonymously by PIMCO Account Analyst employees in Radcliffe, England. The culture is very inclusive and the work is challenging but the lack of real project managers and guidance by management lead to mis-direction and confusion. Mohamed El-Erian, 56, the former chief executive officer who previously shared the title of CIO with Gross, received a 2013 bonus of about $230 million, according to figures first reported today by Bloomberg View columnist Barry Ritholtz. Admissions just needs something to work with to show he is an athlete, the affidavit said. How does work and comp look like (London). Fixed-income titan Pimco is starting to embrace cryptocurrencies, CIO says Published Wed, Oct 20 2021 2:22 PM EDT Updated Wed, Oct 20 2021 4:24 PM EDT Yun Li @YunLi626 Head of PIMCO Europe, Middle East and Africa, Head of Business Management, EMEA and Asia-Pacific, Portfolio Manager, Head, Credit Research Europe, Portfolio Manager, Asset Allocation, EMEA. Have you ever wondered about the number of sacrifices a winning athlete has to make? This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. How Greed and Easy Money Corrupted Wall Street and Shook the World Economy But Allianz is a German company, subject to different regulations. If ever there was a moment when investors could demand more competitive fees from their bond managers, it is now. Since 2007, he has served as chair of the Microsoft Investment Advisory Committee. This estimate is based upon 8 PIMCO Vice President salary report (s) provided by employees or estimated based upon statistical methods. Gross, who co-founded the company in 1971, clashed with management over how to run the firm, leading to the resignation of Mr. El-Erian, people familiar with the matter have said. (At least it did, until recent bad bets on rising interest rates by Gross torpedoed the 1-, 3- and 5-year record of the flagship Total Return Fund.). Part of the reason for Grosss longevity after the Allianz takeover and another element of the firms enormous wealth is what we might call the Pimco Premium. Despite being in a competitive field including giant companies such as Vanguard and Blackrock, Pimco manages to charge more than the industry standard for access to its funds and its separately managed accounts. Glassdoor provides our best prediction for total pay in today's job market, along with other types of pay like cash bonuses, stock bonuses, profit sharing, sales commissions, and tips. [41] In November 2015, The Middle East Institute in Washington DC honored him with their Visionary Award. Grosss bonus 20 percent of the total bonus pool for 2013 places him in a compensation class of his very own. [25] His second book, The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse, was also a New York Times bestseller. The pay packages included 29.9m earned by the fund manager's highest paid director, which dwarfs the $23m (14m) that Jamie Dimon, chief executive of JP Morgan, received in 2011. Pacific Investment Management Co. paid its former Chief Investment Officer Bill Gross a bonus of about $290 million in 2013, a year in which his Total Return Fund trailed a majority of peers, according to documents provided to Bloomberg View by someone with knowledge of Pimcos bonus policies. Pacific Investment Management Company (pimco) average salary is $121,859, median salary is $110,000 with a salary range from $61,875 to $285,000. Another item worth noticing: Pimco investors represent pension funds, foundations, charitable trusts, 401ks and other retirement accounts. Mr. Black, whose Apollo Global Management oversaw $161 billion at the end of last year, got about $369 million in distributions from his stock ownership of the company. The Team works directly with Product Management, Account Management and Portfolio Management groups of PIMCO and reports to the Executive Office. Mohamed Aly El-Erian (Arabic: , romanized: Muammad al-Aryn; born August 19, 1958) is an Egyptian-American economist and businessman.He is President of Queens' College, Cambridge, and chief economic adviser at Allianz, the corporate parent of PIMCO where he was CEO and co-chief investment officer (2007-14). Intense love does not measure, it just gives. Half of PIMCO salaries are above $106,688. As CEO, he serves on PIMCO's Executive Committee and has executive oversight of the firm's client and business areas, including broad strategy-setting and resource management. [3] In October 2012 he gave a speech at the Securities Industry and Financial Markets Association (SIFMA) Annual Meeting, entitled "Restoring Trust in the New Normal", in which he lamented that the financial industry had squandered the trust of the public with a series of scandals in the industry, with some in the industry having been guilty of "downright dishonesty". [4][3][7] In 2014 it was reported that he had received an annual bonus of $45 million. Only 4 months of experience and offer is 98k w/ 10-20% bonus plus 15k relo/ sign on. Barry Ritholtz, Guess How Much Money Bill Gross Made Last Year? Steven Shapiro of Communications Strategy Group, an outside spokesman for Janus, declined to comment. According to our data, the highest paying job at PIMCO is a Senior Software Engineering Consultant at $313,000 annually while the lowest paying job at PIMCO is a Communications Associate at $35,000 annually. Compensation for money managers is typically tied to the amounts they oversee and the returns they produce. From 197173, they lived in France, where El-Erian's father was the Egyptian Ambassador to France. [9], After attending St John's School, Leatherhead, a boarding school in England, he gained a scholarship to Queens' College, Cambridge, and received a bachelor's degree in economics in 1980. Total Pay About $157K - $169K/yr Base Pay About $14K - $16K/yr Additional Pay Pimco has seen $123.5bn of net withdrawals from its open-ended funds since he left, even as performance improved. Douglas Hodge, 57, who was chief operating officer until he took over as CEO in January, received a bonus of about $45 million, and the firms president, Jay Jacobs, was given about $22 million. Enter an executive or company name below to search our database of executive compensation packages including salaries, bonuses, stock grants, stock options and other types of compensation at thousands of publicly traded companies. The top three managers after Gross and El-Erian Ivascyn, Cupps and Jacobs were rumored to have been behind the coup that sent Gross packing to Janus Capital in September. Tony Crescenzi is a market strategist and portfolio manager at PIMCO, and is also a member of the firm's investment committee. [60] In November 2015, he participated in the Fortune CEO Global Summit[61] and was the keynote speaker at the CFA Society of Chicago. The bonus for Mr. With our launch in 1971 in Newport Beach, California, PIMCO introduced investors to a total return approach to fixed income investing. Operating profit at Pimco declined 7.9% to 594 million euros in the third quarter from a year ago, Allianz said in a presentation of its earnings. Andrew Balls, the brother of shadow chancellor Ed, has shared 57m in pay with six other directors of the European arm of Pimco, the world's largest bond investor. [6] He concluding by saying that for the industry to restore trust, "it starts at the top, with us, the leaders of the financial industry. [22] His first book When Markets Collide was a New York Times and Wall Street Journal bestseller. The salaries at Pimco confirm what researchers have been saying about income inequality in America: far more than the 1 percent, it's the skyrocketing compensation of the 0.1 and 0.01 percent that are driving the rise in income inequality.