camera world was a retailer of photographic equipment and photofinishing services based in portland , oregon , united states , and founded in 1977 .

since 2002 , it has been a brand of ritz camera & image , but prior to that time it was an independent company .

in the mid-1990s , it was one of the largest mail-order retailers of photographic and audio equipment in the nation .

the company 's revenues totalled $ 80 million in 1998 , of which $ 16 million were from online sales .

revenues grew to $ 115.7 million in 1999 ( equivalent to $ 166.3 million in 2016 ) , and the company relocated its administrative offices and inventory to a new facility in beaverton , oregon , the following year .

the company 's only brick-and-mortar store , in downtown portland , as well as its internet business were sold in 2002 to ritz camera , which continued to operate them under the camera world name .

ritz , in turn , was acquired by c&a marketing in 2012 , but has retained the camera world name as a ritz brand , for both the store and the internet business .

the store closed on january 21 , 2016 .

camera world

all prices are in usd . copyright © 2015 cctv camera world inc . all rights reserved .
mulvey boasts that camera world ' s high sales volume allows it to offer lower prices than competitors . camera world also sells televisions , vcrs , speakers and home theater systems . consumer electronics and cameras are a good match , mulvey said , because camera world can build on its customer loyalty .
we take a look at some of the camera gear the pros are shooting with in the world cup 2018 .
new owners have taken over camera word co . , a $ 50 million - a - year retailer that operates the camera world store in downtown portland and a thriving mail - order business . company founder shin quietly sold camera world earlier this month for an undisclosed price , said alessandro
wikipedia ' s history of the camera – a look at the development of the camera .
digital camera world is part of future plc , an international media group and leading digital publisher . visit our corporate site .
a history of the camera phone - this site focuses on the invention of the camera phone .
urltoken ' s camera infographic – the history of the camera in an easy to read infographic format .
the history of the digital camera – an outline of the technology involved and the history of the digital camera .
on feb . 28 , shin left camera world and the new owners took control a few days later . shin could not be reached for comment .
j . d . shin , an immigrant from south korea , started camera world 20 years ago and regularly worked six and seven days a week . camera world ' s founder may now try his hand at real estate development , said his daughter , who is helping camera word smooth out the transition to new owners . she plans to leave the company in a few months .
camera world , the gleaming photographer ' s mecca built by portland businessman j . d . shin , has been snapped up by a group of private investors .
lucia shin , his daughter and former operating manager for camera world , said her 59 - year - old father had simply grown weary of the grueling retail business .
since july , sales at camera world have increased by double - digits - -
up in the teens ,
mulvey said . he declined to be more specific .
mina , the company ' s new president and chief executive officer . veteran portland retailer walt mulvey , who joined camera world last year , now serves as its chief operating officer .
camera world ' s mina is part of a san francisco - based acquisitions group called sverica international , which helped pull together the group of private investors that bought the portland retailer .
as you weave your way through our world of illusions , remember one important rule : nothing here is what it seems .
history can be written – or photographed . for 100 years now , famous photographers from around the world have been capturing once - in - a - lifetime moments with their leica camera . moments that remain unforgettable .
topics food history religion in america latino history the nation we build together women ' s history world war i see all topics . . .
susan hilferty ' s costumes for the musical wicked are part of a carefully crafted world , one that she envisioned
had . . .
for over 160 years world expos have helped humanity make sense of change and navigate through difficult times by promoting education , innovation and cooperation .
as mentioned above , nasa has been using digital cameras for decades to receive images from space . these camera systems are some of the most advanced in the world . one of the most widely - known cameras used by nasa is the wide field camera 3 , the camera used in the hubble space telescope . this versatile camera has an incredibly wide view and zoom . it uses a pair of charged coupled devices to take photos of objects in one wavelength and a near infrared detector array for another wavelength . this camera system was installed in may of 2009 .
in 1995 , we successfully launched a network optical storage solution and became the world’s leading supplier in this category . we name this technology “thinserver technology” which is known around the world today as the internet of things ( iot ) . here we established a trend 20 years too early .
a short history of photographic camera – features many images of cameras throughout the years .
the evolution of the camera – with information on daguerreotype , polaroid , and more .
most of the people that buy electronics from us have purchased a camera or camcorder from us recently ,
mulvey said . still , it ' s sometimes been difficult to get the word out that camera world sells more than cameras . the company briefly sold cellular telephones and then bowed out of that business .
cctv camera world is an established cctv equipment distributor in the usa with shipping locations nationwide . we test every product we sell to make sure it is worthy of our name , as we stand behind all the products we sell .
mina and mulvey said they were among the private investors who purchased camera world , but they refused to identify others involved in the deal . camera world ' s 8 , 500 - square - foot store at 500 s . w . fifth ave . is the company ' s only retail outlet . mina and mulvey say they will stick with shin ' s successful formula of a single store , packed with a full range of photography gear and a careful mix of consumer electronics .
the camera world execs said the company ' s strategy is to stick with a single store serving both novice and professional photographers . it has made service a priority , and many of its clerks have worked as professional photographers . competing camera stores have located in shopping malls and have put more emphasis on photo processing than equipment sales .
this is a picture of camera obscura in action the way it was used back then .
byelorussky station , moscow , the station from which soviet troops left for the front ( byelorussia , now belarus ) , in the second world war . i took this with a self - made matchbox pinhole camera . the camera has a pinhole to film distance of about a centimeter ( the depth of the matchbox ) resulting in a wide angle .
1999 - the axis 2100 , setting the standard for the modern network camera another major milestone was the introduction of the world’s most popular network camera at that time , the axis 2100 , which held the top spot for five consecutive years . this camera was the first to use our own - label video chip ( artpec - 1 ) as well as utilizing the linux operating system for imbedded products , which set a standard on how network products were to be designed .
in 2004 , we launched our axis partner program ; introduced the first network camera equipped with power over ethernet ( poe ) and mpeg - 4 compression ; and launched the first hdtv resolution network camera .
on 14 august 1945 , the day japan surrendered in the second world war , alfred eisenstaedt documented the feelings of joy experienced by an entire nation in just a single photo .
the whole thrust of this is not making any significant changes at all ,
mulvey said .
camera world has over 50 percent market share in the four - county area for cameras . and if it ain ' t broke , you don ' t fix it .
sony ' s new video - focused camera is rumored to shoot 4k hdr video at up to 60p .
the very first type of camera was called a camera obscura , or a pinhole camera . it ' s difficult to tell who exactly invented this type of camera first , although some evidence suggests it was the chinese philosopher mozi , who lived between 470 and 390 bce . some others suggest at least the principles of the pinhole camera were understood by aristotle , euclid , and theon of alexandria . a pinhole camera works by allowing light to enter a box through a small hole . it hits a surface inside the box where the image is reproduced . this isn ' t an actual photograph , though—an artist has to sketch over it to make an image .
the transition from analog to digital video capture began in 1981 with the development of the sony mavica single - lens camera . this camera utilized a rotating magnetic disc , which was 2 inches in diameter and could record up to 50 still frames for playback or printing . even though it is credited with starting the digital camera revolution , the mavica was not a “true” digital camera as we understand them today , since images were still stored magnetically .
canon ' s camera museum – a look at one of the most well - known brands in cameras today .
the first and the second world wars completely modified the idea of technology as a source of progress : technology could be destructive and its use should be placed under social and political responsibility .
camera world ' s mail - order business has also built a strong following among the nation ' s shutterbugs . its advertising appears in all of the major photography magazines . about $ 35 million of the company ' s $ 50 million in annual sales comes from mail - order , company execs said .
the first film - less handheld camera was created by texas instruments in 1972 , but it wasn ' t commercially available . people wouldn ' t be able to purchase these digital cameras until 1981 , when sony released their mavica electronic still camera . it recorded images to a disc that could then be viewed on a television using a special reader . however , the mavica was still technically a video camera that simply took still images , not a true digital camera .
if you feel like giving the camera obscura a go , you can see how to build it following this link .
no digital slr or compact system camera is going to be complete without a lens . but which one do you choose ?
instant film types can be confusing . we pose all the common questions and provide answers for those getting into instant camera photography
mulvey spent eight years as the chief operating officer of the now - defunct smith ' s home furnishing chain . he left smith ' s in october 1995 , roughly a year before smith ' s slid into chapter 7 bankruptcy . besides furniture , smith ' s sold consumer electronics and once vied with camera world in camcorder sales .
2010 - 2014 – global acclaim in 2010 came another axis world - first – thermal network cameras . and , in 2011 , we launched the revolutionary lightfinder camera – the world’s most light sensitive camera that was able to see colors , even at night . it received the wall street journal technology innovation award in 2012 . a year later , we went back to our roots and started a new wave of attaching intelligent devices to the internet . the first such product was the axis a1001 where we entered the physical access control market . with this , we saw the opportunities in enabling more markets with networked technology . this we call the internet of security things .
on the heels of a $ 60 million venture - capital injection , urltoken has tripled its elbow room by agreeing to shift world headquarters to a former tektronix inc . facility now dubbed the millikan business center .
it is believed that camera obscura was invented around 13 - 14th centuries , however there is a manuscript by an arabian scholar hassan ibn hassan dated 10th century that describes the principles on which camera obscura works and on which analogue photography is based today .
after maria’s death , a famous polymath named patrick geddes bought the building , complete with the camera obscura . geddes was a man on a mission – to improve living conditions in edinburgh’s old town . he renamed the observatory ‘the outlook tower’ and transformed it into a centre of learning , designed to expand the world - view of local residents .
photography . an art form invented in 1830s , becoming publicly recognised ten years later . today , photography is the largest growing hobby in the world with the hardware alone creating a multi - billion dollar industry . not everyone knows what camera obscura or even shutter speed is , nor have many heard of henri cartier - bresson or even annie leibovitz .
since taking over in 1977 , we’ve continued the work that maria short and patrick geddes started . we collaborate with artists , inventors and technical wizards – to plunge you even further into our world of wonder and delight .
1996 – the world’s first network camera next , came one of our biggest milestones – we invented the world’s first network camera , neteye 200 . it revolutionized the industry , transforming video surveillance from analog into digital . equally important was our decision to retain our indirect sales model , revolutionizing the way the cctv industry operates . we did the worlds first network camera not because we understood the cctv industry , rather because we could do it . initially we named the market “lite surveillance” , e . g . applications such as not requiring more than the three frames per minute , which was our performance at the time , for application such as oil - riggs in the oil and gas industry . the neteye 200 monitors the sea for oil spills , recorded video twice a day via web interface and saved the customer two air flights a day !
stieglitz set up various exhibitions where photos were judged by photographers . interestingly enough , back then the photos were mainly judged by painters as photographers were seen as rather scientists . stieglitz also promoted photography through newly established journals such
camera notes
and
camera work
.
today we can state that camera obscura was a prototype of the modern photo camera . even though it seems useless today , many people still find it amusing and use it for artistic reasons or simply for fun . installing film and permanently capturing an image was a logical progression .
while cameras were created to take photos , they have many other applications , too . here are a few different uses of the camera .
it is important to differentiate the video camera from a “movie” camera , which is a motion picture camera that utilizes photographic film to record images . film cameras have a long and varied history dating back to the late 19th century . modern cameras utilize video technology rather than film . this is an electronic format that has historically been stored on various media such as magnetic tape , ccd chips and solid state flash memory .
as possible to take full advantage of the expensive format and to emphasize the difference between sepia - toned kansas and the fantasy world of oz , one of the reasons that baum ' s silver shoes became bright ruby slippers in the film version .
the kodak company would bring the next innovations in digital camera technology by introducing a number of digital camera products in 1987 and the creation of the “photo cd” in 1990 . in 1991 , kodak released the first digital camera intended for professional use by photojournalists , followed by nikon’s f - 3 , which included a 1 . 3 - megapixel sensor . digital image capture would make the leap from professional photography to consumer level in 1994 with the apple quicktake . this product which was the first of its kind , followed by similar digital camera products from kodak , casio , sony , and others .
in 1829 , niepce formed an alliance with inventor louis dagueere . the two set out to create a camera that took much less time to work . they first got niepce ' s camera down from eight hours to 30 minutes of exposure time , but that was still impractical . in 1839 , after niepce had died , daguerre created the daguerreotype camera . this camera made use of silver - plated copper sheets to fix images upon them . by coating the surface of the sheet in iodine and exposing it to light for a few minutes , the image would be
painted
onto the surface by light .
the first true digital camera was created in 1986 by kodak . they quickly began working on a commercial version , and in 1991 , kodak and nikon released the first professional digital camera , the nikon f - 3 . within several years , apple , casio , and sony had all released consumer - level cameras .
founded in 1977 by south korean immigrant j . d . shin , camera world co . was bought by a group of private investors in 1997 . the company changed its name to urltoken last year and garnered $ 60 million in private venture - capital funding . it also hired terry strom ( former president of egghead software inc . ) as chief executive officer and aneel bhusri ( general partner with greylock ) as chairman .
looking for a camera that ' s just as at home shooting 4k video as it is stills ? here are our picks to suit a range of budgets .
selling stock images is a great way to make cash from your camera . here are 22 tips to get you started , plus exclusive advice from stock - photo tycoon yuri arcurs
camera obscura is essentially a dark , closed space in the shape of a box with a hole on one side of it . the hole has to be small enough in proportion to the box to make the camera obscura work properly . the way it works is that due , to optical laws , the light coming through a tiny hole transforms and creates an image on the surface that it meets , i . e . the wall of the box . the image was mirrored and upside down , however , so basically everything that makes today ' s analogue camera ' s principles different to camera obscura ones are the mirrors and the film which is used to capture and preserve the image created by the light .
we have the biggest selection of cameras , point - and - shoots and lenses ,
mina said .
so people who really want a camera will come to us .
the technicolor camera in the museum ' s collection is a big , heavy piece of machinery , and a very different kind of object to work with for someone used to handling photographs . nonetheless , it ' s evident under examination that this camera put its stamp on a national movie treasure . the camera ' s mechanical carriage gives it the ability to fully articulate and move smoothly , allowing the movie ' s cinematographers to create sweeping shots and follow the action as dorothy , the scarecrow , the tin man , the cowardly lion , and toto journeyed down the yellow brick road .
the frenchman ' s works have influenced generations of photo artists and journalists around the world . despite being narrative , his works are also truly artistic . having passed away in 2004 , henri cartier - bresson has left a legacy and the philosophy behind . his use of 35mm camera made this format the standard , and his quotations are included in many theoretical photography books . despite all the fame and impact , there are very few pictures of the man . he hated being photographed , as he was embarrassed of his fame .
after world war ii , the fascination for material progress gave way to the promotion of human progress and international dialogue . technology was still at the centre of expos , but not as an end in itself , as a means for human development . expo 1958 brussels was dedicated to
progress and mankind
; expo 1962 seattle was about
man in the space age
; expo 1967 montreal was dedicated to
man and his world .
by creating a peaceful discussion platform , expos started contributing to the global dialogue and fostering cooperation , namely with expo 1967 montreal and expo 1970 osaka that facilitated the
détente
of the early 1970s during the cold war .
photography , the way it was developing , was always believed to be the killer of the fine art . however , it is believed that the photo principles were widely used by renaissance artists like leonardo , michelangelo and others . in the mid 16th century , giovanni battista della portacentury , an italian scholar , wrote an essay on how to use camera obscura in aid of making the drawing process easier . he projected the image of people outside the camera obscura on the canvas inside of it ( camera obscura was a rather big room in this case ) and then drew over the image or tried to copy it .
the first digital security cameras systems were used by the military for security and reconnaissance . in 1980 , the same camera technology that brought soap operas to televisions nationwide also helped protect businesses against fraud and theft .
even though the invention of the photography led to new scientific achievements and development of the industrial world , photography also became a part of day - to - day life and an art movement . one of the people behind photography as art was alfred stieglitz , an american photographer and a promoter for modern art . many believe it is stieglitz who made photography as art what it is today .
good ideas come out ahead . the best example of this : the first successful 35mm camera , which was invented by oskar barnack 100 years ago – and that opened up completely new perspectives for photographers . it was the first revolution , with leica changing photography forever . but it certainly wasn’t the last . discover the technical finesses and innovations from the house of leica . milestones in camera technology and models that have caused a sensation – both then and today . just click here .
in conclusion , the video camera has certainly come a very long way since its roots in the 19th century technology of the nipkow disk . a mere experiment in engineering for the purposes of communication and the advancement of science has grown far beyond its own bounds to become something inseparable from daily life for all of us . when taken as a survey , we see that the history of the video camera is truly a history that has shaped the way each of us live our lives .
1984 - 1990 – ibm mainframe and minicomputer print servers our first product was a protocol converter that enabled the connection of pc printers to ibm mainframe 3270 networks . despite being the last entrant to the market , we became number two in the world thanks to our innovative products and the fact that we were the only ones loyal to our partners in this business . during this period , we also opened our first us subsidiary .
since the year 2000 , expos have taken on a significant role of raising awareness on the importance of sustainable development and addressing the crucial challenges of our time . expo 2000 hannover promoted sustainable development and aligned itself explicitly with agenda 21 . expo 2005 aichi aimed at demonstrating that there was a clear competitive advantage in designing technology in harmony with nature . expo 2010 shanghai was another milestone , as it showcased solutions for sustainable urban development , in a world where half of the population lives in cities .
even though only few of the renaissance artists admitted they used camera obscura as an aid in drawing , it is believed most of them did . the reason for not openly admitting it was the fear of being charged of association with occultism or simply not wanting to admit something many artists called cheating .
the 23 - year - old camera retailer decided last week to move its northeast portland corporate and distribution headquarters to the northeast corner of southwest millikan way and murray boulevard , said steve marcy , a grubb & ellis vice president who represented urltoken in the deal . the move is expected to begin in march .
whether it ' s the very latest fujifilm compact system camera , a new canon lens , or special offer on an epson all in one printer & scanner , we ' re pretty confident that this is where you ' ll find the best offers on the latest photographic equipment on the high street and online .
traditional cameras have evolved a lot since they were first invented . today , cameras are so tiny they fit within cell phones and can take pictures that are incredibly detailed . a smartphone with a 20 megapixel camera isn ' t uncommon , and google glass shows that cameras can be created that are so small and lightweight they can be incorporated into a pair of glasses easily . these cameras may eventually become fully voice automated or controlled by eye movement . battery life , too , has greatly improved , and future cameras may be able to go weeks without charging or could feature built - in solar cells to recharge the camera on the go .
i recently had the opportunity to talk about one of the objects in the photographic history collection for a documentary film crew , and thought i ' d share some of the research i did for the shoot . the object of interest was the technicolor df - 24 beam splitter motion picture camera : in layman ' s terms , the camera that filmed the wizard of oz . while curator dwight blocker bowers has the enviable job of researching and writing about the actors , designers , and moviemakers who helped create the film , our primary interest in terms of photographic history for this milestone of american cinema is the technology that brought it to life .
the method is quite similar to that which was used in the retroscope drawing in the animation industry in early twentieth century . the process of using camera obscura looked very strange and frightening for the people at those times and the giovanni battista had to drop the idea after he was arrested and prosecuted on a charge of sorcery .
in 1901 the kodak brownie was introduced , becoming the first commercial camera in the market available for middle class . the camera took black and white shots only , but still was very popular due to its efficiency and ease of use . color photography , despite being explored throughout the 19th century , did not become commercially valuable until the middle of the 20th century . the scientists in the beginning of the century could not preserve color for long enough , as they were lost with time passing due to their chemical formulae . several methods of color photography were patented from 1862 onwards by two french inventors : louis ducos de hauron and charlec cros practical who , however , worked independently .
1998 - the world’s first video encoder while marketing the neteye 200 it came to our knowledge that customers liked it , but had analog cameras , which were not possible to replace with the neteye . therefore , we continued to extend ip connectivity to more types of hardware , such as the first video encoder ( 1998 ) . video encoders were a huge milestone , allowing users to integrate their existing analog cctv system with the latest ip technology . since our first network video products had very low performance we also invested in our first video chip , the artpec - 1 .
the first digital video camera to feature video compression was released in 1993 and was known as the ampex dct . this innovation soon saw a flood of digital video cameras from familiar companies including sony , jvc , and panasonic . as the successor to the camcorder , these cameras first recorded to optical disks and later to flash memory as time progressed .
maria chose calton hill as the telescope’s new home . wanting to share her newest prized possession with the public , she opened a ‘popular observatory’ there in 1835 . soon after , she launched an attraction that would mesmerise visitors for years to come : edinburgh’s camera obscura . sadly , under pressure from the council , she had to close in 1849 .
the first ever picture to have a human in it was boulevard du temple by louis daguerre taken in 1839 . the exposure lasted for about 10 minutes at the time , so it was barely possible for the camera to capture a man on the busy street , however it did capture a man who had his shoes polished for long enough to appear in the photo .
the video camera was initially developed for use in broadcast media . in the early 1900s , the first experiments in image transmission were completed . a scottish engineer named john logie baird contributed to this work with a variation of an older device known as a “nipkow disk , ” a mechanical device that breaks an image into “scanlines” using a rotating disc with holes cut into it . early televisions produced mechanical video images , but by the 1930s , new all - electronic designs based on a cathode - ray video camera tube , including two prominent versions by engineers philo farnsworth and vladimir zsworykin , replaced the mechanical variations with electron scanning technology . this system , which was created for broadcasting , became the standard in the television industry and remained in wide use until the 1980s .
the earliest actual photograph was taken by joseph nicephoreniepce in 1827 , although he did use a camera obscura to do so . he created sun prints or heliographs by coating a metal plate with bitumen . he then placed an engraving over it . when the sunlight shined on the engraving , the shadowy parts blocked the light . the bitumen that was exposed would react to the light , creating an image .
cameras , both still image and video , are also often used to record evidence when a police officer pulls someone over or when they enter a home with a warrant . recording these events allows the officer and other specialists to go over them later to see if they missed any evidence and to present them in court . you can find some of the latest surveillance camera technologies at the following pages :
professional video cameras have come a very long way since the introduction of the 1 . 4 - megapixel digital camera . in the early 2000s , sony developed the first high definition digital video cameras . today , high - resolution digital video is no longer confined to the domain of the television studio . high - end professional digital video cameras are used for independent films , web series and hobbyist purposes .
the axis 2130 ptz network camera with its pan , tilt and zoom functions , enabled wide area coverage and great details which took surveillance to a new level . it was developed together with axis and canon where canon provided the mechanics and axis did the video encoder using the artpec chip . this was also the first year we saw serious competitors doing network cameras , something that made the technology legitimate and analyzed by industry specialists .
today , the video camera is a tool that is so deeply woven into everyday life that it seems strange to find a person without one . whether on a smartphone , tablet , laptop , or other device , most of us carry video technology and seldom think about it . however , when one stops to consider the history of this device’s development , one develops a new respect for the advances in the technology of motion photography .
henri cartier - bresson was a french photographer who is believed to be the father of photojournalism . cartier - bresson is most famous for creating the
street photography
style of photojournalism . around the age of 23 , the young man became very interested in photography and abandoned painting for it .
i suddenly understood that a photograph could fix eternity in an instant .
he would later explain . strangely enough , he would take his first pictures all around the world but avoiding his native france . his first exhibition took place in new york ' s julien levy gallery in 1932 . cartier - bresson ' s first journalistic photos were taken at the george vi coronation in london however none of those portrayed the king himself
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digital video camera technology has become inseparable from our daily live , and is expanding to broader horizons . tiny digital cameras are making great strides in the world of healthcare , as smaller cameras make endoscopic procedures far easier than they have been in the past . in fact , experiments in pill - sized , wireless cameras could make endoscopy as easy as taking an aspirin . in the realm of astronomy , the time - tested technology of ccd capture remains in widespread use , although now via digital channels rather than analog . these sensitive ccd chips capture individual photons of light via the excitation of electrons on the chip itself and pinpoint photons of very specific wavelengths , revealing objects like the ultraviolet and x - ray spectra that would be otherwise invisible among all the light and noise in our galaxy . digital cameras have become our eyes on mars and beyond . the curiosity rover features no less than 17 digital video cameras capable of high quality photos and stereoscopic three - dimensional videography . new developments in robotics like kuri utilize digital video together with artificial intelligence to create an in - home robotic companion that can see your home’s layout , learn its way around and recognize the faces of the humans around it .
these hand - held digital video cameras have found use in projects from home movies to professional film . celebrated horror director michael almereyda’s 1994 film , nadja , notably uses an early digital video camera manufactured by fisher - price in certain sequences for its gritty , low - resolution effect . these hand - hend devices have also contributed greatly to live journalism , as well as journalism’s casual cousin , “vlogging , ” which is live video blogging on websites like youtube .
before photography was created , people already knew the principles of how it eventually got to work . they could process the image on the wall or piece of paper , however no printing was possible at the time as preserving light turned out to be a lot harder task than projecting it . the instrument that people used for processing pictures was called the camera obscura ( which is latin for the dark room ) and it was around for a few centuries before photography came along .
at first photography was either used as an aid in the work of an artist or followed the same principles the artists followed . the first publicly recognized portraits were usually portraits of either one person or family portraits to preserve the memories . finally , after decades of refinements and improvements , the mass use of cameras began with eastman ' s kodak ' s camera . it went on to the market in 1888 with the slogan
you press the button , we do the rest
.
today , we’re focusing on a new wave of innovation . we’re continuously making advances in camera technology such as light sensitivity , dynamics , color reproduction and resolution in our network cameras . beyond that , we’re also successfully moving into new markets that we call the internet of things , such as access control , network horn speakers and ip video doorstations . we’re driven by our vision to come up with new , innovative , smart solutions that meet user needs – and we’ll expand our portfolio to keep achieving that .
video cameras and still image cameras are also used in traffic . when cars drive through a toll booth without stopping to pay , an automated ticketing system will snap a picture of their license plate . the driver will later be sent a bill for running the toll . the same type of system can also be used in stoplights at dangerous or high - traffic intersections . a sensor detects if a vehicle is moving through a red light , and a camera attached to the light will take a photo of the car .
technicolor wasn ' t a type of color film ; instead , it was a process in which a specially modified motion picture camera recorded the same scene through colored filters on three different strips of film . these strips were then processed separately and used to
print
colors onto each finished print of the film sent to theaters . if a movie studio wanted to make a film in technicolor , it had to lease the company ' s unique movie cameras as well as a team of two experts to help operate the complicated machine .
the large
blimp
casing over the camera ' s machinery contained the noise of three strips of film running within to permit audio engineers to record judy garland and the other performers on set with true fidelity . for all the added cost , time , and effort , however , the technicolor hues of the wizard of oz helped to make the movie what it is today , an american film classic . it ' s just one of the many stories that we ' re privileged to tell here at the national museum of american history .
most people think of digital cameras as a fairly new invention , but the history of the digital camera actually dates back to 1951 . the creation of the video tape recorder allowed people to create still images from television , film and save them in a digital format on magnetic tape . by 1956 , these devices were used throughout the television industry . they made use of what was called a charged coupled device , or ccd , to determine the color of an image and its intensity . ccd sensors are still being used 60 years later in security cameras because of their reliability . later , in the 1960s , nasa started using digital signals to receive photographs from their satellites and probes .
just as webcams became smaller and more ubiquitous among our personal computers , camera phones also became commonplace in the late 1990s . functionally , these cameras are not too different from earlier digital cameras and like home webcams , quality varies . their primary use tends to be in everyday events as opposed to home movies , which tend to capture milestones such as birthdays , holidays , and vacations . cell phone video is used to capture traffic stops , interesting people on the street and events such as accidents or impromptu performances . while some of these videos certainly find their way to sites like youtube , more end up as bite - size pieces of video shared in real - time on twitter , facebook , snapchat , and instagram .
source : handbook of labor statistics u . s . department of labor bureau of labor statistics
2018 - an estimate for 2018 is based on the change in the cpi from first quarter 2017 to first quarter 2018 .
2018 price = 1850 price x ( 2018 cpi / 1850 cpi ) 2018 price = $ 1 x ( 752 . 9 / 25 ) 2018 price = $ 30 . 12
* an estimate for 2018 is based on the change in the cpi from first quarter 2017 to first quarter 2018 .
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the millikan site is one of four former tek properties snagged for $ 19 million by a partnership of westport , conn . - based william felton associates and time equities inc . , according to matt felton , president of felton management corp .
those fellows closed on it and in less than two weeks had this deal inked ,
marcy said .
the six - year , $ 4 - million lease gives the company 91 , 000 square feet in the two - story , 294 , 000 - square foot building . it also gives beaverton ' s slice of the sunset corridor one of metro portland ' s biggest - ever dot - com deals . and it ' s a non - class a segment of the corridor - - where office vacancy rates have neared 30 percent - - that ' s closer to downtown , said felton .
to go out past 185th from our building takes another half - hour sitting in traffic ,
he said .
i see a spike in the market there . there are a lot of tenants . the velocity is there .
the nearly 300 - acre block of land historically defining tek ' s howard vollum campus has been diced by recent land sales to nike inc . , tri - met , maxim integrated products and c . e . john company , a developer based in vancouver , wash . in the wake of xerox corp . ' s acquisition of tek ' s printer division , sales have progressed despite oregon department of environmental quality concerns about pollutants on several lots , including the millikan business center .
like most of the sites tek has sold , the millikan business center property is tagged by deq as a
further investigatory
parcel , and tek is responsible for any clean - up efforts that may be required in the future , said gerald wilson , deq project manager .
there is information that leads us to believe there may be , or there is , some contamination ,
he said .
but felton said an environmental analysis he commissioned last fall proved there was no contamination on the site .
that was one of the things we took a very hard look at from the beginning ,
he said .
we will ultimately have it deemed a no - further - action parcel .
curt scheel , cameraworld ' s newly hired chief financial officer , said he discussed environmental issues with the owner , but this was the first he had heard of deq ' s
further investigatory
designation .
tek said that over the years it has
pumped and treated
the campus for groundwater contamination , caused by the now - outdated practice of drying metallic sludge on the surface . for now , wilson said ,
there is nothing that i know of that would prevent cameraworld from moving in .
the recently purchased land edges millikan way , just south of the west - side max line . vernier software signed a lease last month to occupy all 32 , 000 square feet of a former tek training center three lots east of the millikan business center . the urltoken contract is felton ' s first for the business center , where renovation planning is underway .
we were looking in a variety of different places in town , and this particular space was well - suited for our needs ,
scheel said .
i think the key is that we ' ve outgrown our current space , and this new space allows us to grow rapidly over time .
the $ 60 million came from a host of investors , including greylock , tech - nology crossover ventures , august capital , accel partners , northwest venture partners and bain capital . urltoken projected web - based revenue at $ 60 million last year . this year , it expects web - based revenue to account for 75 to 80 percent of total revenue . the company has one flagship retail outlet , located at 400 s . w . sixth ave .
cameraworld has been in business for 20 years as a phone - order business , doing dot - com - type business work long before any dot - coms came along ,
said marcy , who added that he is immersed in several dot - com and creative services projects right now .
i ' m dressed in a turtleneck instead of a tie ,
he said .
urltoken ' s current headquarters encompass roughly 30 , 000 square feet at 700 n . e . 55th ave . felton was represented in the lease by grubb & ellis ' dave squire , cliff finnell and brad fletcher .
the reason we chased this so hard is that it ' s the largest , most versatile mixed - use property in the sunset corridor , with the strongest developer and most attractive rate ,
fletcher said .
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we just want to continue what mr . shin was doing ,
mina added .
the 35 - year - old mina concedes that he has no experience in retail management . his work background is diverse , however , ranging from banking to a stint at the swiss subsidiary of u . s . high - technology firm storage technology .
my goal is to stay here and grow the company ,
said mina , who has moved to portland .
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pacific investment management company , llc ( commonly called pimco ) , is an american investment management firm headquartered in newport beach , california , with over 2,000 employees working in 13 offices across 12 countries , and $ 1.51 trillion in assets under management as of 30 june 2016 .

the company provides mutual funds and other portfolio management and asset allocation solutions for millions of investors worldwide .

pimco offers a broad list of investment strategies that encompass the entire risk spectrum and capital structure , including core bonds and credit , structured credit , alternatives , real assets , equities and currencies .

pimco oversees investments on behalf of millions of clients , including retirement savers , public and private pension plans , educational institutions , central banks and government agencies , foundations and endowments and financial intermediaries among others .

the firm , a prominent thought leader in the financial markets , is known to have coined and popularized the phrase " the new normal " in the aftermath of the subprime mortgage crisis in 2009 .

" the new normal " as a standalone phrase has a long history dating to the post-first world war era and then seeing a new resurgence in use in the post 9/11 era .

more recently , pimco introduced " the new neutral " thesis to characterize a period of lower but stable economic growth , and interest rates to remain lower than historically for a longer period of time .

in april 2015 , pimco announced the hire of former federal reserve chairman , dr. ben bernanke as a senior advisor , following in the footsteps of predecessor federal reserve chairman , alan greenspan .

pimco

pimco investments llc , distributor , 1633 broadway , new york , ny , 10019 is a company of pimco . ©2017 , pimco .
pacific investment management company llc ( “pimco” ) is an investment adviser registered with the u . s . securities and exchange commission ( “sec” ) . pimco investments llc ( “pimco investments” ) is a broker - dealer registered with the sec and member of the financial industry regulatory authority , inc . ( “ finra ” ) . pimco and pimco investments is solely responsible for its content . pimco investments is the distributor of pimco investment products , and any pimco content relating to those investment products is the sole responsibility of pimco investments .
pimco is a trademark of allianz asset management of america l . p . in the united states and throughout the world . ©2018 pimco
pimco started as a subsidiary of pacific life insurance company to manage separate accounts for institutional clients . in 2000 , pimco was acquired by allianz se , a large global financial services company based in germany . pimco operates as a separate and autonomous subsidiary of allianz . the acquisition by allianz provided an opportunity for many of pimco ' s professionals to purchase an equity stake in pimco . [ 3 ]
pimco 1 - 3 year u . s . treasury index exchange - traded fund
pimco 1 - 5 year u . s . tips index exchange - traded fund
said the independent trustees for pimco’s fixed income and equity mutual funds and the chairman of pimco’s closed - end funds : ”we are “fully supportive of pimco , its executive leadership and its portfolio management teams . they have our complete confidence . ”
pimco has called the lawsuit “ legally groundless ” and is seeking its dismissal .
pimco co - ceo bill thompson to retire at end of 2008 . marketwatch .
largest bond fund pimco cuts us government holdings . gold anti trust action committee .
follow pimco for expert analysis of economies and markets and innovative investment solutions . disclosures :
visit pimco for forms , applications , tax documents and detail about our investment solutions .
pimco 25 + year zero coupon u . s . treasury index exchange - traded fund
learn how emmanuel roman expects to build on pimco’s legacy of delivering value to clients .
pimco has appointed man group chief manny roman as its next ceo , effective november 1 .
mr . hodge will move into a new role as managing director and senior adviser , pimco said .
the appointment indicates a shift back towards pimco’s traditional core focus on fixed income . in this morning’s statement , pimco referred to roman’s “expertise in fixed income” during his 30 - year career in financial services .
in a separate announcement earlier this week , pimco made two additions to its senior portfolio management staff .
pacific investment management company ( pimco ) has seen a massive outflow of investor funds since bill gross left abruptly in september 2014 . gross went to work for competitor janus after his working relationships soured at pimco .
very well done app to read the thought leadership posted by pimco . i like the push notification feature .
client withdrawals at pimco have weighed on the operating profit of allianz’s asset management arm in recent years , and they have caused some investors to call for the insurer to take a more direct role in managing pimco .
hundreds of billions in client money followed mr . gross out of pimco , which later faced a breach - of - contract lawsuit from its former star . pimco settled that suit for $ 81 million in march .
pimco’s industry - renowned experts analyze the world’s risks and opportunities , from global economic trends to individual securities .
pimco funds c / o dst asset manager solutions , inc . 30 dan road canton , ma 02021 - 2809
last year , pimco shut down two equity strategies following the resignation of virginie maisonneuve from her role as global equities cio . she went on to launch a boutique consulting firm in october , recruiting four former pimco equities specialists .
about pimco pimco is a leading global investment management firm , with offices in 12 countries throughout the americas , europe and asia . founded in 1971 , pimco offers a wide range of innovative solutions to help millions of investors worldwide meet their needs . our goal is to provide attractive returns while maintaining a strong culture of risk management and long - term discipline . pimco is owned by allianz s . e . , a leading global diversified financial services provider .
weathering withdrawals pimco can weather withdrawals from institutional and retail clients of as much as $ 350 - billion without hurting performance , according to morningstar . pimco had $ 1 . 87 - trillion in assets under management as of sept . 30 .
copyright pimco 2018 . all rights reserved . investment products : not fdic insured | may lose value | not bank guaranteed .
“manny’s deep understanding of global markets , unique skills in investment management , and appreciation of pimco’s macro - based investment process make him the ideal executive to position the firm for long - term success , ” said daniel ivascyn , pimco’s group cio .
bill gross had a great run at the helm of the pimco total return fund , starting at its inception in 1987 .
the headquarters of investment firm pimco in newport beach , california , is seen a file photo taken january 26 , 2012 .
the appeal to resilience and determination is apposite in a period that ranks among the trickiest and most unpleasant in pimco’s history .
pimco europe ltd ( company no . 2604517 ) , is authorised and regulated by the financial conduct authority ( 25 the north colonnade , canary wharf , london e14 5hs ) in the uk . pimco is a trademark of allianz asset management of america l . p . in the united states and throughout the world . © 2018 , pimco europe limited . all rights reserved .
mr . gross added :
pimco ' s focus remains on delivering value to our clients through superior investment performance and client service . the firm ' s new leadership team embodies pimco ' s culture and values , and it reflects the strength and depth of our talent in both portfolio management and business management . with this team to lead us forward , pimco is in great hands .
douglas hodge , chief executive officer : mr . hodge is a managing director in the newport beach office and is currently pimco ' s chief operating officer . previously he led the firm ' s asia pacific region from the tokyo office . he joined pimco in 1989
however , mr el - erian’s departure prompted many institutional clients to put their pimco holdings on a formal “watchlist” , which means they will be subject to greater scrutiny . certainly pimco’s rivals hope to prise some of its $ 1 . 9tn into their own hands .
jay jacobs , president : mr . jacobs is a managing director in the newport beach office and is currently the head of talent management globally . previously , he was the head of pimco ' s german business , based in munich . he joined pimco in 1998 .
pimco’s parent company , allianz , has welcomed the broader management bench and it expects mr gross’s successor as cio to emerge from there .
the pimco foundation , the charitable arm of global investment management firm pimco , presented per scholas with the 2015 leadership circle award on december 3 . recipients of this award are organizations adept at growing their impact and demonstrating ingenuity , while maintaining their quality and increasing their results .
he is the perfect cio for the pimco we think of in the future ,
pimco chief executive manny roman said in an interview .
what we & apos ; ve lost , and i would say it is a good thing , is the autocratic style .
el - erian , who shared the role of cio with gross and served as pimco ' s chief executive officer , in january announced his resignation from the firm . el - erian is now chief economic adviser at pimco ' s parent allianz se and a contributor to bloomberg view .
unnerved by the potential loss of mr . ivascyn and other key employees , pimco parent allianz intended to fire mr . gross . mr . gross quit on sept . 26 . 2014 , and hours later pimco named mr . ivascyn as the firm & apos ; s next cio .
bond giant pacific investment management co . ( pimco ) , owned by germany’s allianz , is again reshuffling deck chairs on the executive ship . [
mr . ivascyn declined to comment about his interactions with mr . gross . pimco officials have disputed mr . gross & apos ; s allegations .
“manny’s deep understanding of global markets , unique skills in investment management and appreciation of pimco’s macro - based investment process make him the ideal executive to position the firm for long - term success , ” daniel j . ivascyn , pimco’s chief investment officer , said in a news release on tuesday .
douglas hodge , chief executive officer of pimco and president of the pimco foundation , shared in the presentation of the award , “since inception , the pimco foundation has awarded nearly $ 22 million to our nonprofit partners that are focused on solving some of the world’s most pressing issues . and this year is no different , as we continue to invest in organizations that are engaging in our local and global communities and empowering others to better their lives . ”
under this leadership structure , mr . balls and mr . worah have additional managerial responsibility for pimco’s portfolio management group and trade floor activities globally . mr . balls will oversee portfolio management in europe and asia - pacific , and mr . worah will oversee portfolio management in the u . s . said michael diekmann , chief executive officer of allianz group : “since becoming part of the allianz group in 2000 , pimco has grown enormously and contributed consistently to allianz’s success . we join our pimco colleagues in recognizing bill gross for his accomplishments over the 43 years since pimco’s founding . we wish bill good luck . the management and investment structure put in place in january as well as the thorough succession planning gives us complete confidence in pimco’s investment and executive leadership team . ”
pimco is a large global investment firm . it had around $ 1 . 52 trillion assets under management ( aum ) as of june 2015 . despite investors pulling their money , its flagship total return fund has performed reasonably well since the exit of gross . pimco ' s other funds have had mixed performances .
you will need your pimco funds account number to establish a user id and password for this site . your account number can be found on your quarterly statement .
now you can stay connected to pimco ' s investment expertise and thought leadership wherever life takes you , with our new pimco app for your iphone and ipad . enjoy instant access to our most up - to - date market intelligence , economic perspectives and the thinking of our world - renowned investment professionals around the globe .
thank you to the pimco foundation for this honor . to learn more about how your company can support per scholas in many different ways , go to urltoken .
by secular dynamics , pimco has always emphasized a 3 - 5 year focus on secular political , economic , demographic , and market sector trends . [ 2 ]
mr . ivascyn & apos ; s ascension to the top of pimco epitomizes the new direction taken by the california money manager as it recovers from the most tumultuous period in its history . he succeeded bill gross , the pimco co - founder and bond market legend who exited in september 2014 after clashes with fellow executives .
in a sign of how closely gross was identified with pimco , a riptide of client assets followed in the wake of his abrupt departure from the company last month . pimco said some $ 23 . 5 billion poured out of the fund during the month , most in the aftermath of gross’ announcement that he would join janus capital .
but mr . ivascyn wasn & apos ; t immune to the strain that developed inside pimco as mr . gross & apos ; s relationships with fellow executives deteriorated .
daniel ivascyn , deputy chief investment officer : mr . ivascyn is a managing director in the newport beach office , head of mortgage credit portfolio management , and a lead portfolio manager for pimco ' s alternatives investment strategies . morningstar named him 2013 fixed - income fund manager of the year ( us ) . he joined pimco in 1998 .
pimco is a major partner of per scholas , representing multiple levels of engagement with our organization over the past four years , including funding , volunteerism and leadership . in addition to hosting two volunteer events , pimco has given more than $ 150 , 000 in support of per scholas’ commitment to diversifying the tech - talent pipeline by training 1 , 000 women technologists by 2018 . pimco has supported numerous per scholas events , including our first annual women in technology event in 2014 . and in 2015 , mr . sagar bhatt , vice president portfolio manager at pimco , joined the new york city advisory board , bringing his leadership to help further the work of per scholas in nyc .
craig dawson , head of strategic business management : mr . dawson is a managing director and is currently head of pimco germany , austria , switzerland and italy , based in the munich office . he is also head of product management for europe . in his new role , he will relocate to the newport beach office . he joined pimco in 1999 .
when it comes to the tussle for market share in the asset management industry , pimco’s pain is someone else’s gain . last week jpmorgan asset management sent a triumphant internal email .
the kid is not working out ,
one portfolio manager told then - pimco mortgage boss scott simon .
he & apos ; s not a great fit .
they had begun to argue openly , which was unusual . el - erian left pimco in march 2014 , though he remained on the management committee of allianz , pimco ' s parent company , despite his departure . there were also reports that gross was beginning to act erratically . he even discussed the death of his cat in a strange letter to investors .
as manager of the world ' s largest bond fund , pimco made headlines when it cut the fund ' s exposure to u . s . government - related debt in january 2011 . pimco ' s total return fund , run by bill gross , reported that holdings fell from 22 percent in december 2010 to 12 percent in january 2011 . [ 6 ]
said mr . hodge : “as part of our responsibilities to our clients , employees and parent , pimco has been developing a succession plan for some time to ensure that the firm is well prepared to manage a seamless leadership transition in its portfolio management team . we have passed the torch of leadership to a team of investors who are among the very best in the investment management industry . they are seasoned , highly skilled professionals who embody pimco’s values and have established track records of delivering value to clients . ” mr . hodge continued : “today’s announcement marks the completion of our portfolio management succession process . these appointments are a continuation of the structure that pimco established earlier in 2014 and they reflect our long - held belief that the best approach for pimco’s clients and our firm is to evolve our investment leadership structure to a team of seasoned , highly skilled investors overseeing all areas of pimco’s investment activities . ”
“pimco has become the global leader in active management of fixed income by seeking to provide investors with innovative solutions as the global markets change , ” said hodge . “as the asset management industry continues to evolve , manny will bring new perspectives to pimco’s leadership team and add his unique talents to our already successful firm and i look forward to working with him . ”
competitors are rubbing their hands in glee . but questions about pimco’s future predate the fractious end of the “bill and mohamed show” , and will continue even as the personal drama recedes .
bill gross’s decision to assume personal control of pimco’s unconstrained bond fund was not enough to prevent it being surpassed , as the battle for fixed income supremacy moves on to new turf .
the hiring of mr . roman , a former goldman sachs banker who joined man in 2010 , comes at a pivotal time for pimco , which is owned by the german insurer allianz .
in june , pimco notified employees that it was cutting 68 jobs , or about 3 percent of its work force , and closing some funds as part of a cost - cutting effort .
roman will succeed douglas hodge , who has led the newport beach , california - based company since 2014 . hodge will become managing director and senior advisor , pimco said in a statement .
investors pulled $ 19 . 4 - billion ( u . s . ) from pimco total return fund in december , bringing redemptions in 2014 to a record $ 105 - billion , according to data compiled by bloomberg using information from newport beach , california - based pimco and morningstar inc . assets in the world ' s biggest bond fund fell to $ 143 . 4 - billion as of dec . 31 , according to a jan . 2 statement from pimco , down by more than half from a peak of $ 293 - billion in april , 2013 .
pimco & apos ; s new cio bears little resemblance to his predecessor . mr . gross was known inside pimco for his outbursts , was a regular fixture on financial tv shows and occupied an extra - large desk at the center of the firm & apos ; s trading floor . mr . ivascyn typically lets others speak first in meetings , rarely appears on tv and chose a desk no bigger than others . he ended pimco & apos ; s practice of reserving choice parking spots for key executives and , until recently , he drove a toyota prius to work .
• minor bug fixes . for uninterrupted use of the pimco app , please update to version 2 . 0 . 5 and above . soon , older versions will no longer receive content updates .
• minor bug fixes . for uninterrupted use of the pimco app , please update to version 2 . 0 . 3 and above . soon , older versions will no longer receive content updates .
the announcement comes nearly two years after william h . gross , pimco’s co - founder — who is known as the “bond king” — was forced out and joined its rival , janus capital group .
ivascyn said luk’s and wilding’s hires were examples of the “top industry talent” pimco has added to its roster , adding that the firm has hired more than 140 new employees globally so far in 2016 .
andrew balls , deputy chief investment officer : mr . balls is a managing director in the london office , a member of the investment committee and head of european portfolio management . he joined pimco in 2006 .
gross resigned from the company in september 2014 to join janus capital group managing a newly created bond fund . pimco named daniel ivascyn as group chief investment officer , replacing gross in that position . [ 7 ]
douglas hodge , cfa : mr . hodge is a managing director in the newport beach office and pimco ' s chief executive officer - elect . he is currently pimco ' s chief operating officer . he also serves on pimco ' s executive committee and on the global executive committee for allianz asset management , the governing body of asset management for the allianz group . earlier , mr . hodge led the asia pacific region from the firm ' s tokyo office from 2002 - 2009 . he joined pimco in 1989 and has previously served the firm as a senior account manager responsible for client relationships worldwide and as a global product manager . mr . hodge currently serves on the board of the securities industry and financial markets association . he has 28 years of investment experience and holds an mba from harvard business school . he received an undergraduate degree from dartmouth college .
he survived this rocky start after mr . simon argued that mr . ivascyn hadn & apos ; t been given a fair shot . but it was the 2008 financial crisis that made him a star within pimco .
“for 20 years , per scholas has been an innovator and leader in new york city . our work shows that we will stop at nothing to create better opportunities for our students and their families . we are extremely honored to be chosen out of pimco’s 57 grantee partners for this award , and grateful to pimco for their continued support of our mission and programs , ” shares executive director of social venture and innovations , angie kamath .
allianz said that in the first quarter of 2016 , those outflows at pimco slowed , but continued to weigh on its overall client assets in its asset management arm . allianz had 9 billion euros , or about $ 9 . 9 billion , in net outflows in the three - month period , driven by clients pulling funds from pimco , the company said . that was compared with €62 billion in outflows in the first quarter of 2015 .
you will need your pimco account number and social security or tax identification number ( ssn / tin ) . once you have created your user id and password , you will be able to access your account ( s ) .
london — the bond giant pimco has hired emmanuel roman , the chief executive of the british hedge fund manager man group , as its new top executive , as the california - based fund looks to turn around its fortunes .
jay jacobs , cfa : mr . jacobs is a managing director in the newport beach office and pimco ' s president - elect . he is currently the head of talent management globally . previously , he was the head of pimco ' s german business and a member of the company ' s european management team for five years , based in munich . he joined the firm in 1998 , working initially in the management group in newport beach . prior to joining pimco , mr . jacobs was a vice president at commercial trust company . he has 19 years of investment experience and holds an mba from georgetown university . he received his undergraduate degree from washington university , st . louis .
at pimco , mr . roman will find a company that has struggled to regain its stride — and client trust — since the departures of mr . gross and mohamed a . el - erian , the company’s former chief executive .
morningstar , whose recommendations are widely followed by retail investors and their advisers , downgraded its “stewardship” rating on pimco’s funds , for fear that the new deputy cios might not have the “temerity” to challenge mr gross and that the decisions of pimco’s investment committee would be less robust as a result . but mr jacobson has not changed his overall assessment of the total return fund , which he reiterated in a conference call for financial advisers on wednesday remains “a compelling choice” .
mr gross took over the pimco fund in december , after chris dialynas , its manager of five years , said he would take a sabbatical . he has since shifted money from super - safe us treasuries into riskier corporate credit .
mr . balls is cio global , a managing director in the london office and a member of the investment committee . he is head of european portfolio management , leading pimco ' s european investment team ( which is based in london and munich ) , and he also oversees pimco ' s investment teams in the asia pacific region . he manages a range of global and european portfolios , including pimco’s global advantage strategy , combining developed and emerging fixed income markets . mr . balls was previously a portfolio manager in newport beach and the firm ' s global strategist . prior to joining pimco in 2006 , he spent eight years at the financial times as an economics correspondent and columnist in london , new york and washington , dc . he has 16 years of investment experience and holds a bachelor ' s degree from oxford and a master ' s degree from harvard university . he was a lecturer in economics at keble college , oxford .
the reasons for mr el - erian’s exit , and mr gross’s sometimes startling public reaction to it , have prompted a second look at what morningstar analyst eric jacobson calls the “pressure cooker atmosphere” inside pimco’s headquarters in newport beach , california .
repeated bouts of underperformance by pimco funds , or evidence of sustained outflows , could change that view , mr jacobson said , but “we believe bill gross is no less the investor than he was prior to mohamed el - erian’s departure” .
september 27 , 2014 , ( newport beach , ca ) : pimco , a leading global investment management firm , has elected daniel ivascyn to serve as group chief investment officer ( “group cio” ) , succeeding william h . gross who has left the firm . in addition , the firm appointed andrew balls , cio global ; mark kiesel , cio global credit ; virginie maisonneuve , cio equities ; scott mather , cio u . s . core strategies ; and mihir worah , cio real return and asset allocation . douglas hodge , pimco’s chief executive officer , and lew “jay” jacobs , president , will continue to serve as the firm’s senior executive leadership team , spearheading pimco’s business strategy , client service and the firm’s operations .
daniel ivascyn : mr . ivascyn is a managing director in the newport beach office . he is the head of the mortgage credit portfolio management team and a lead portfolio manager for pimco ' s credit hedge fund and mortgage opportunistic strategies . mr . ivascyn is a member of pimco ' s executive committee and has also periodically served as a member of the investment committee . prior to joining pimco in 1998 , he worked at bear stearns in the asset - backed securities group , as well as t . rowe price and fidelity investments . he has 22 years of investment experience and holds an mba in analytic finance from the university of chicago graduate school of business and a bachelor ' s degree in economics from occidental college .
mr . el - erian , who had long been seen as mr . gross’s heir apparent and had served as pimco’s most prominent spokesman , abruptly left the company in january 2014 . mr . gross was forced out about nine months later .
pimco ' s total assets dropped by 15 % from september 2014 to march 2015 . the total return fund lost around $ 180 billion in assets from mid - 2013 to may 2015 . the fund went below $ 100 billion in assets in september 2015 for the first time since 2007 . other large bond funds at pimco also saw substantial outflows . the vanguard total bond market index fund is now the largest bond fund , with $ 147 billion in assets as of december 2015 .
pimco believes that investing at its best is an act of conviction . the research , analysis and thought leadership of our industry - renowned experts allow us to anticipate and innovate , delivering opportunities that aim to maximize the possibilities for our clients .
andrew balls : mr . balls is a managing director in the london office , a member of the investment committee and head of european portfolio management . he leads pimco ' s european investment team ( which is based in london and munich ) and manages a range of global and european portfolios , including pimco ' s global advantage strategy , combining developed and emerging fixed income markets . he is also a member of the pm management group , overseeing pimco ' s global interest rate and foreign exchange teams . mr . balls was previously a portfolio manager in newport beach and the firm ' s global strategist . prior to joining pimco in 2006 , he spent eight years at the financial times as an economics correspondent and columnist in london , new york and washington , dc . he has 15 years of investment experience and holds a bachelor ' s degree from oxford and a master ' s degree from harvard university . he was a lecturer in economics at keble college , oxford .
but in early 2008 , mr . ivascyn directed a team of temps to scour the offering documents of scores of bonds linked to souring mortgages . the research helped pimco determine which bonds were more or less likely to meet their obligations to investors .
according to its own preliminary estimates , it has overtaken pimco and is now running the largest fund in the fast - growing category of “alternative” bond funds , which are a popular place for fixed income investors to put their money while interest rates rise .
gross left pimco in september 2014 . he suddenly announced his departure and said that he was joining janus . it was rumored that allianz was planning to replace gross because of his issues working with others . gross jumped the gun before he could be replaced .
investors should consider the investment objectives , risks , charges and expenses of the fund carefully before investing . this and other information are contained in the fund’s prospectus , which may be obtained by contacting your pimco representative . please read the prospectus carefully before you invest .
mr . parikh is a managing director in the newport beach office and generalist portfolio manager . mr . parikh is also a member of the pimco investment committee and leads the firm’s cyclical economic forums . he previously served as a specialist portfolio manager on the short - term , mortgage and global portfolio management teams . prior to joining pimco in 2000 , mr . parikh was a financial economist and market strategist at ubs warburg . he has 15 years of investment experience and holds undergraduate degrees in economics and biology from grinnell college .
invested . pimco believes there is nothing more important than the partnership with our clients . markets don’t stand still and neither do we , innovating to build solutions to meet investors’ evolving needs . we are invested in helping our clients achieve what they set out to accomplish .
mr . ivascyn is group cio , and a managing director in the newport beach office . he is the head of the mortgage credit portfolio management team and a lead portfolio manager for pimco ' s credit hedge fund and mortgage opportunistic strategies . mr . ivascyn is a member of pimco ' s executive committee and a member of the investment committee . morningstar named him fixed - income fund manager of the year ( u . s . ) for 2013 . prior to joining pimco in 1998 , he worked at bear stearns in the asset - backed securities group , as well as t . rowe price and fidelity investments . he has 23 years of investment experience and holds an mba in analytic finance from the university of chicago graduate school of business and a bachelor ' s degree in economics from occidental college .
investors began pulling their money in droves once the departure was announced . even though pimco moved quickly to install new leadership and took steps to soothe the fears of investors , they were understandably nervous that the fund ' s iconic founder had left the firm under a cloud .
prepared . pimco believes that performance starts with preparation . we conduct exhaustive research and analysis to continuously evaluate the world’s changing risks and opportunities , from broad economic trends to individual securities . our aim is to deliver forward - looking solutions that maximize the possibilities for our clients .
pacific investment management company , or pimco , has seen hundreds of billions of dollars in client assets walk out the door since mr . gross’s departure , and it is facing a lawsuit by mr . gross accusing the company of wrongful termination and seeking $ 200 million in damages .
the total return fund did not have a very good performance in 2014 . investors were starting to pull money from the fund as the entire bond market was under significant pressure . employees at pimco were likewise under a significant amount of pressure . mohamed el - erian was the chief executive officer ( ceo ) and co - chief investment officer ( cio ) of pimco and a very respected member of the international finance community . he was also very visible in the media . there were rumors that the working relationship between el - erian and gross was deteriorating .
according to its own preliminary estimates , it has overtaken pimco and is now running the largest fund in the fast - growing category of “alternative” bond funds , which are a popular place for fixed income investors to put their money while interest rates rise ( see section below ) .
investors should consider the investment objectives , risks , charges and expenses of the funds carefully before investing . this and other information are contained in the fund’s prospectus , which may be obtained by contacting your pimco representative or by clicking here . please read the prospectus carefully before you invest .
investment performance will settle the short - term battle for market share in fixed income . mr gross had what he called a “stinker” of a 2011 , too , missing a rally in us treasuries , but he bounced back in 2012 . this past year’s underperformance has not been confined to the total return fund ; the average pimco mutual fund is in the bottom half of its class over a one - year horizon , according to morningstar . but pimco says the figures do not include accounts managed separately for institutional clients and therefore do not reflect the firm as a whole .
mr . dialynas is a managing director in the newport beach office , a portfolio manager , and a member of pimco’s investment committee . he has written extensively and lectured on the topic of fixed - income investing . mr . dialynas served on the editorial board of the journal of portfolio management and was a member of the fixed income curriculum committee of the association for investment management and research . he has 36 years of investment experience and holds an mba from the university of chicago graduate school of business . he received his undergraduate degree from pomona college . he joined pimco in 1980 .
craig dawson , cfa : mr . dawson is a managing director and head of strategic business management . he is currently based in the munich office and is also responsible for pimco ' s business in germany , austria , switzerland and italy . he is also head of product management for europe . prior to joining pimco in 1999 , mr . dawson was with wilshire associates , an investment consulting firm . he has 19 years of investment experience and holds an mba from the university of chicago graduate school of business . he received his undergraduate degree from the university of california , san diego .
our portfolio management team is headed by our chief investment officers ( cios ) , led by daniel j . ivascyn . 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 .
the pair join new hires gene frieda and yacov arnopolin , whose appointments to pimco’s emerging markets team were made public earlier this month . frieda , global strategist for emerging markets , was previously a partner at moore capital management—another hedge fund—while arnopolin , a portfolio manager , joined from goldman sachs asset management .
jpmorgan’s strategic income opportunities fund hit $ 25 . 8bn in assets last week , according to the internal email , up from $ 15 . 3bn a year ago and edging out pimco’s fund , which suffered outflows in each of the six months to february , according to morningstar , the research house .
pimco exchange - traded funds ( etfs ) provide investors with another way to access our time - tested investment process with daily transparency , convenient access and low investment minimums . our wide range of actively managed and smart index etfs offer efficient exposure across a variety of sectors , geographical regions and investment objectives .
mr . kiesel is cio global credit and a managing director in the newport beach office . he is a member of the pimco investment committee , a generalist portfolio manager and the global head of corporate bond portfolio management , with oversight for the firm’s investment grade , high yield , bank loan , municipal and insurance business as well as credit research . morningstar named him fixed - income fund manager of the year in 2012 and a finalist in 2010 . he has written extensively on the topic of global credit markets , founded the firm’s global credit perspectives publication and regularly appears in the financial media . he joined pimco in 1996 and previously served as pimco ' s global head of investment grade corporate bonds and as a senior credit analyst . he has 22 years of investment experience and holds an mba from the university of chicago ' s graduate school of business . he received his undergraduate degree from the university of michigan .
pimco’s outgoing ceo hodge was responsible for steering the company through its toughest period following the shock exit of bill gross in september 2014 , and ex - ceo mohamed el - erian a few months earlier . chief economist paul mcculley left the firm in 2015 after working there on - and - off since 1990 .
pimco insiders say they have made more progress than they have been given credit for . core bond funds , two - thirds of assets under management at the start of the 2000s , now account for less than one - third . new products include racier credit funds , high yield and hedge funds and real estate .
his career at pimco nearly ended before it began . it was the summer of 1998 , and mr . ivascyn was the newest trader on the firm & apos ; s mortgage desk . a week into his new job , hedge fund long term capital management & apos ; s implosion roiled markets around the world .
i really like the convenience of having a voice of reason right on my iphone . i don ' t have to wait to see these guys on cnbc or dig through websites . this app is nicely laid out . i hope they don ' t start charging for this information or restrict it to only pimco clients .
mr . ivascyn , who had never traded anything before , struggled to keep up with the chaos . pimco pulled him from the mortgage desk and exiled him to the opposite end of the same floor , where he sometimes sat alone . colleagues encouraged him to send out his résumé , people familiar with the matter said .
he had just taken over a new mutual fund , launched with little fanfare , that sought to meet retail investors & apos ; appetite for steady income from bonds . several other senior pimco officials turned down the chance to manage the income fund because it veered from mr . gross & apos ; s total return strategy .
the analysis helped pimco weather the downturn . and in the years that followed the crisis , it gave mr . ivascyn the confidence to invest heavily in bonds that stood to snap back in value as the economy stabilized . the income fund , now co - managed with alfred murata , was a prime beneficiary of those trades .
pacific investment management co . , or pimco as it is widely known , is a global investment management firm that had over $ 829 . 5 billion in assets under management as of june 30 , 2008 . it was founded by william ( bill ) h . gross in 1971 with only several million of assets . [ 1 ]
pimco has also signalled a willingness to push more aggressively into equities . virginie maisonneuve , poached from schroders to head the equities division , was promoted to one of the deputy cio slots within days of arriving at the company . she plans to expand the equities staff from 50 to 65 , with further hiring to come after that .
all investments contain risk and may lose value . this material is intended for informational purposes only . forecasts , estimates and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security , strategy or investment product . no part of this material may be reproduced in any form , or referred to in any other publication , without express written permission . pimco is a trademark of allianz asset management of america l . p . in the united states and throughout the world . the new neutral is a trademark of pacific investment management company lcc in the united states and throughout the world . ©2018 , pimco
said mr . gross :
mohamed has been a great leader , business builder and thought leader for pimco and our clients . together we have guided the firm and served our clients during a period of significant change in the global economy and financial markets . we are pleased that he will remain a part of the allianz group .
as manager of pimco & apos ; s income fund , mr . ivascyn also attracted enough new money to claim the title of world & apos ; s largest actively managed bond fund - - a perch long occupied by mr . gross & apos ; s total return fund . the income fund now manages more than $ 79 billion .
things didn’t get much better . in 2013 , bill gross had the worst year of his career . the unceremonious departure of co - ceo mohamed el - erian earlier this year was followed by a series of stories detailing the difficulties of working under gross . the wall street journal reported that pimco executives planned to fire gross before he left .
coro received a $ 150 , 000 grant from the pimco foundation to expand its youth leadership programming . this funding will expand the youth leadership academy program which prepares student leaders with an understanding of how education policy and practice is shaped ; the skills to develop their ideas ; and the opportunities for senior policymakers to meaningfully engage youth around their solutions .
gross founded pimco in 1971 with an initial $ 12 million in assets . he started the total return fund in 1987 and successfully built it into the largest mutual fund in the world . the fund grew to as large as $ 293 billion in aum in april 2013 . the fund lost its crown as the largest mutual fund in october 2013 .
“if the bond market is going to be as treacherous as i think it might be , bill gross is going to be a tremendous competitor , ” says michael lipper , who has tracked the rise of pimco over four decades , first through the mutual fund data company that bears his name and now as an adviser to endowments and wealthy families .
bond firms including doubleline capital have benefited as investors are reviewing their investments with pimco . doubleline , the bond firm co - founded by jeffrey gundlach , received $ 2 . 2 - billion in december , bringing last year ' s total of net new money to $ 10 . 9 - billion , the los angeles - based firm said in a statement .
“the idea he runs a one - man show is absolutely inaccurate , ” says a long - time trustee of pimco mutual funds . “he cannot manage the full $ 2tn . it hasn’t been that way for years . it is a driven firm , and to meet client expectations they work hard . 2013 wasn’t up to their standards but they will get back there . ”
gross , who co - founded pimco in 1971 and built it into one of the nation ' s largest money managers , left after deputies including now - group chief investment officer daniel ivascyn said they would quit and management debated his ouster , according to people familiar with the matter . gross resigned to run an unconstrained fund at denver - based money manager janus capital group inc .
when mr el - erian resigned , pimco planned to introduce a new management structure with mr hodge taking the chief executive role and three deputy chief investment officers under mr gross . however , within hours of the announcement , marc seidner , an el - erian lieutenant who was also fed up with the tensions , said he was quitting to run fixed income for gmo in boston .
blackrock in particular is ready to pounce . the biggest money manager in the world , blackrock’s fixed income business performed poorly during the crisis , in stark contrast to the resilience shown by pimco . now , blackrock is pointing to better comparative numbers as the crisis period is falling out of the five - year performance record that many retail and institutional investors use to assess potential managers .
mr . gross said in his lawsuit that his pimco career reached a breaking point when mr . ivascyn and other managing directors threatened to resign . he said in the suit that mr . ivascyn , who was named as a deputy cio in 2013 , was
foremost
among the individuals who sought to oust him as a way of collecting his share of the bonus pool .
newport beach , ca - - ( marketwired - jan 21 , 2014 ) - pimco , a leading global investment management firm , announced today that chief executive officer and co - chief investment officer mohamed a . el - erian has decided to step down from his role and leave the firm in mid - march . he will remain a member of the allianz international executive committee and , as of mid - march , also advise the board of management of allianz on global economic and policy issues . pimco ' s founder william h . gross will continue to serve as the firm ' s chief investment officer . at the same time , the firm has appointed a new portfolio management and executive leadership team . they will immediately begin to transition into their new roles .
mr . mather is cio u . s . core strategies , and a managing director in the newport beach office and head of global portfolio management . previously , he led portfolio management in europe , managed euro and pan - european portfolios and worked closely with many allianz - related companies . he also served as a managing director of allianz global investors kag . prior to these roles , mr . mather co - headed pimco ' s mortgage - and asset - backed securities team . prior to joining pimco in 1998 , he was a fixed income trader specializing in mortgage - backed securities at goldman sachs in new york . he has 20 years of investment experience and holds a master ' s degree in engineering , as well as undergraduate degrees , from the university of pennsylvania .
except for the historical information and discussions contained herein , statements contained in this news release constitute forward - looking statements within the meaning of the private securities litigation reform act of 1995 . these statements may involve a number of risks , uncertainties and other factors that could cause actual results to differ materially , including the performance of financial markets , the investment performance of pimco ' s sponsored investment products and separately managed accounts , general economic conditions , future acquisitions , competitive conditions and government regulations , including changes in tax laws . readers should carefully consider such factors . further , such forward - looking statements speak only on the date at which such statements are made . pimco undertakes no obligation to update any forward - looking statements to reflect events or circumstances after the date of such statements .
mr . roman will join pimco on nov . 1 , replacing douglas hodge as chief executive , and will be based at the company’s headquarters in newport beach . mr . roman , 52 , joined man in 2010 after it acquired glg partners , where he was co - chief executive . he has nearly 30 years of experience in the investment industry , including 18 years at goldman sachs .
“it would be poor form to talk down a competitor , ” says matthew appelstein , head of us distribution at rbc global asset management , “but we can talk about the ‘efficient frontier’ for a portfolio and the optimal risk - return trade - offs . ” like many , rbc’s pitch to investors is that it would be prudent to shift a portion of their pimco allocation to another firm .
with our launch in 1971 in newport beach , california , pimco introduced investors to a total return approach to fixed income investing . in the 45 + years since , we have continued to bring innovation and expertise to our partnership with clients seeking the best investment solutions . today we have offices across the globe and 2 , 200 professionals united by a single purpose : creating opportunities for investors in every environment .