Pimco to Hire 20 People to Target $17.4 Trillion Asian Wealth
- Fund manager says Asia’s private wealth ‘to grow very quickly’
- More Chinese money finding its way offshore, Mogelof says
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Pacific Investment Management Co. is seeking to expand in an increasingly affluent Asia.
The $1.5 trillion money manager is in the process of hiring more than 20 people in marketing, operations, legal and compliance teams in the next two years to help cover major retail banks in Hong Kong and Singapore. It also intends to target newer markets such as Thailand, Malaysia and the Philippines, according to Eric Mogelof, Hong Kong-based head for Asia Pacific at Pimco.