Background: Pacific Investment Management Company (PIMCO), headquartered in Newport Beach, California, is one of the world’s largest investment management firms, with assets under management exceeding US $250 billion. The firm provides investment management services to many of the world’s leading companies and financial institutions..
Business Challenges/Objectives : With the growing variety and number of traded Fixed Income instruments, the likelihood of mispricing a security grows. Worse, the difficulty of identifying such a security also grows, in part, because of the variety of pricing methods, i.e., by traders, through daily sell-side supplied information, and by approximation (“matrix”). The two issues above combine with the larger trading volumes to exacerbate the deleterious impact of a mispriced security, distorting the firm’s position valuation and risk perception. A typical asset management firm has multiple pricing sources, each contributing its own share of errors…
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