today announced the formation of a new international division, Pimco Global Advisors, intended to expand global marketing, servicing and investment research. The new division will eventually direct portfolio management abroad as well. James Muzzy
, a Pimco managing director and one of the company's co-founders will head the division.
Pimco wants Global Advisors to expand Pimco Funds presence in the international investor arena, since less than 6% of Pimco's assets under management currently derive from international investment, according to the division's new head.
"Our objective is to build upon the success we are experiencing in
Europe, Asia and Australia. In response to this success, Pimco has opened offices in London, Singapore, Tokyo, and Sydney to service this growing book of business," said Muzzy.
"Approximately $14 billion of PIMCO Advisors' assets are represented by offshore clients. Pimco's strategic goal is to build a significant global presence over the next five years."
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