March 21, 2011
New 400,000-Square-Foot Headquarters for PIMCO
PIMCO will begin building new headquarters in Newport Beach, Calif., in late summer, with completion scheduled for the end of 2013. Architect Henry Cobb is designing the office, and Irvine Co. is building it.
The office will be about 400,000 square feet, double the size of its current location, and include a conference center and state-of-the-art trading floor.
"We look forward to continuing to be part of the Newport Beach community, which is where our headquarters have been for the last 40 years," said PIMCO spokesman Dan Tarman. "It's about making sure our facility needs evolve with our growth. Over the past four to five years, we've grown significantly, and we've added a substantial number of people both in Newport Beach and around the world."
Charles Schwab Creates ETF Select List
As more asset managers create exchange-traded funds, Charles Schwab has created a quarterly Schwab ETF Sel-ect List to help investors choose an ETF.
In addition, Schwab has released analysis and commentary on ETF investor behavior and trends for independent registered investment advisors, "The ETF Investor: 2010 in Review by Charles Schwab."
When selecting the list, Schwab looks at cost of ownership, risk, fund structure, fit within a given category, narrowness of index, tracking error, bid/ask volatility and due diligence.
43% Not Confident in Current Retirement Plans
Americans are not very confident at all that they will be able to retire, a Country Financial survey of 3,000 Americans finds.
Only 28% think it is possible for a middle-income family to save for a secure retirement, down from 30% in 2010 and 37% in 2007.
Forty-three percent have little faith in their current retirement savings plans, and the same number have decreased the amount that they are saving. Nonetheless, 50% do not expect to delay retirement, which could be unrealistic if they are not well-prepared for their golden years.
"It's understandable people are still uneasy about retirement, given the length of economic unrest," said Keith Brannan, vice president of financial security planning at Country Financial. "But regardless of your income bracket, it's important to continue setting aside money for the future. Building your retirement nest egg starts with creating a tangible financial plan based on your own unique situation and plans for your golden years. Having a target to save for is an important motivator for any long-term financial goal."
Although only 31% have sought professional advice for their retirement, among those that did get help, 92% said they were then sure of how much money they will need in retirement.
Quote of the Week
"The $1 trillion-dollar benchmark is certainly significant and notable. Investors, financial advisers and, especially, broker-dealers are becoming much more comfortable with ETFs, and we see no reason to expect this recent growth rate to slow."
- Tom Anderson
Global Head of ETF Strategy and Research
State Street Global Advisors