Pacific Investment Management Co. will open its first Latin American office in Brazil in September as it seeks to expand its global presence.
The new office in Rio de Janeiro will be led by Alec Kersman, a senior vice president and head of Pimco’s Latin America and Caribbean business, the Newport Beach, California-based firm said today in a statement.
“The opening of this office in Brazil is an important and exciting part of Pimco’s ongoing globalization and our evolution as the complete provider of global investment solutions for a growing number of clients around the world,” Mohamed El-Erian, Pimco’s chief executive officer and co-chief investment officer along with Bill Gross, said in the statement.
Pimco, which has about $1.7 trillion in assets, is a unit of insurer Allianz SE. The firm, known for its bond funds run by Gross, began expanding into other asset classes including stocks more than two years ago. Pimco has said it will pursue strategies with a global focus, in line with its “new normal” philosophy that describes an era of lower returns, heightened government regulation, diminishing U.S. clout in the world economy and a bigger role for developing nations.