We wrote a few months ago that PIMCO was considering starting a Rio office, but now it is for real. So what if the fund ranked behind 92% of its peers in 2011? So what if PIMCO’s Total Return Fund was up only 2% in 2011 against a gain of 7% for the Barclays Capital US aggregate bond index?

Perhaps 2012 could be different, after all.

According to Bloomberg, 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.

Pimco, which has about $1.7 trillion in assets, is a unit of insurer Allianz SE. (ALV). 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.

Tagged with:  
Share →