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Rating:Pimco Looks to Add Managers, Expand its Offerings Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, August 12, 2009

Pimco Looks to Add Managers, Expand its Offerings

by: Meredith Mazzilli

Kiplinger's September issue featured a piece on Pimco, and focused on potential upcoming changes at the West-coast firm. Most notably, the article reported that Pimco is readying to make a "big move" into stocks. In the article, titled The Bond Kings Spice Up Their Menu, Pimco CEO Mohamed El-Erian was quoted regarding future expansions of the fund shop's product lineup.

El-Erian noted Pimco will undertake "a multiyear effort to evolve into an even more complete provider of global investment solutions for our clients."

This effort is taken to mean that Pimco will no longer be restricted to bond funds, and may indicate that more equity mutual funds are on the horizon for the west-coast fund shop.

Founder Bill Gross told Kiplinger that Pimco may be looking to add new fund managers and expand their offerings into areas currently underrepresented by the bond giant.

"We're currently interviewing stock-fund managers from various firms-- looking to start from square one with a new product and apply our philosophy to new areas," Gross said.

Pimco's long term goal, according to Gross, is to be "not just the best bond manager, but the best investment manager in the world."

The article does not mention Pimco's recent foray into exchange-traded funds.  

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