New partnership will help food banks tackle global hunger and reduce food waste
Newport Beach, California
(May 21, 2018) – PIMCO, one of the world’s premier fixed income investment managers, today unveiled its partnership with The Global FoodBanking Network (GFN). GFN is a global nonprofit organization that alleviates world hunger through launching and strengthening food banks. GFN works in more than 30 countries, principally emerging market economies, and offers expertise, resources and connections that give food banks what they need to procure surplus food from waste and serve hungry and food-insecure communities around the world.
This new partnership will predominantly support GFN’s Powering Food Banks for Growth and Impact program. The program provides intensive resources and expertise to GFN food banking organizations that are poised for growth, ultimately helping them build the capacity to source more food and reach more people facing hunger. Through the partnership, PIMCO employees will also have the opportunity to leverage their expertise and skills to address targeted needs across the global GFN network.
“Our employees have long supported efforts to alleviate hunger in the communities where we live and work, and this new partnership will allow us to reach even more people in need,” said Emmanuel Roman, PIMCO’s Chief Executive Officer and Managing Director.
“By working together with GFN, we are supporting the creation of new food banks where they are most needed and accelerating the development and efficiency of food banks where they already exist, improving their sustainability and long-term impact.”
Last year, 794 GFN member food banks across 32 countries rescued more than 940 million pounds of food and redirected it to nearly 44,000 social service and community based organizations. These organizations provided food and meals to more than 7.1 million people in need.
“One in nine people around the globe suffers from hunger. Through the food bank model, we have the opportunity to provide access to the wholesome meals that millions of people so desperately need,” said Lisa Moon, GFN President and Chief Executive Officer
. “Thanks to PIMCO’s support and partnership, food banks around the world will be better equipped to operate at scale and to serve more food insecure and struggling communities.”
Approximately 815 million people in the world suffer from hunger, while roughly one-third of all food produced for human consumption is lost or wasted every year. GFN member food banks rescue edible, non-saleable food before it is wasted and distribute it to feed hungry people through social service organizations.
PIMCO is one of the world’s premier fixed income investment managers. 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 2,150+ professionals united by a single purpose: creating opportunities for investors in every environment. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider.
About The Global FoodBanking Network
The Global FoodBanking Network (GFN) is an international nonprofit organization that nourishes the world’s hungry through launching and strengthening food banks in 32 countries. Last year 794 GFN member food banks across 32 countries rescued more than 940 million pounds of food and redirected it to feed more than7.1 million people through nearly 44,000 social service and community-based organizations. For more information please visit www.foodbanking.org.
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.