Pacific Investment Management Co. is doing its part to combat world hunger by donating $10 million to The Global FoodBanking Network, a Chicago-based global non-profit organization that provides better access to food to communities combating hunger.
In addition, PIMCO CEO Emmanuel Roman and CIO Dan Ivascyn will personally donate $5 million each to charities, including GFN, that provide food and resources to communities in need.
The donation is being made through the Newport Beach, Calif.-based money manager's PIMCO Foundation and expands upon a three-year partnership with GFN. The funds will be deployed over the next five years. The new funds will "aim to improve food access by distributing 17.9 million kilograms of food globally."
"Hunger is a persistent problem, made worse by COVID-19, which is why PIMCO recently announced a substantial increase in its commitment to the Global FoodBanking Network, the world's largest network of food banks," Mr. Roman wrote in an open letter on PIMCO's website earlier this month. "This builds on a significant investment we've already made to help address food scarcity."
The PIMCO Foundation previously donated $3.5 million to GFN. Since 2018, PIMCO has donated nearly $5.6 million to its charitable partners, including GFN.
"Investing in food banking is an effective and efficient way to combat hunger since it directly benefits those in need," said Nathaniel Brown, senior vice president and director of the PIMCO Foundation, in an email. "Food banks also help better allocate food so there is much less waste and subsequently less greenhouse gases from landfills."
PIMCO managed $2.16 trillion in assets as of March 31.
