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.