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Allianz Annual Report 2012

Magazine for the Annual Report 2012 25 Later, Kiesel explains: “In two years, the leverage will be less than 3x and  it will likely be investment grade rated. We need to ‘look forward’ several years ahead of others.” This kind of investment, he says, is “diamonds in the rough,” because their brilliance isn’t immediately visible. “We look at companies like this very, very carefully,” says the fund manager. ­“Others do, too. What’s different about us is that we look just as carefully at the whole sector and the macro-environment where the company is operating.” This combination of detailed analysis and longer-term over- all perspective is one of the reasons why PIMCO is a worldwide leader in the global credit business. And PIMCO itself – where will asset management be five years from now? “We’ll keep expanding. We’ll be a global authority on investments,” ­Kiesel answers. You can trust his projections – his own fund has been in operation for over 12 years, and has had positive market returns for clients every year, even during the recent financial crisis. So what keeps driving Mark Kiesel? “When you wake up at 2:45 am and are in the office by 3:30 am, you only do it because you love your job, because you’re a fund manager with all your heart and passion,” says Kiesel. “You need determination, a work ethic and the abilities of a chess player, because the market is constantly changing and the companies involved are in permanent flux. You have to watch all these changes, which can bring major advantages for our clients. What makes us so successful at PIMCO is that we’re usually five or six moves ahead.” “When you wake up at 2:45 am and are in the office by 3:30 am, you only do it because you love your job, because you’re a fund manager with all your heart and passion,” Mark Kiesel says about ­himself (left). While the sun is setting in Newport Beach, the markets in Asia are opening again (bottom). A fund manager describes the leverage of a company whose bonds he recommends as a buy. As leverage declines, the bonds’ value will rise. Via Allianz SE, Allianz Asset ­Management has access to more than Allianz Asset Management 78million clients

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