Investment Co Pimco Opens Office In Brazil

Giant bond-fund manager Pacific Investment Management Co., or Pimco, announced Tuesday that it opened an office in Brazil, its first in Latin America.

The opening "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," said Mohamed A. El-Erian, chief executive of Pimco, in a press release.

Pimco will operate in Brazil as PIMCO Latin America Administradora de Carteiras Ltda., and will be regulated by Brazil's Securities and Exchange Commission, the CVM.

The operation in Brazil, well as in Latin America, will be led by Alec Kersman.

"Establishing an office in the region is a key step for Pimco's Latin America and Caribbean efforts that will further enable us to get closer to our clients, and increase the range of investment opportunities in which our firm can participate," Kersman said. "Brazil is an outstanding location and we look forward to becoming part of, and contributing to the community," he added.

-By Rogerio Jelmayer, Dow Jones Newswires; [phone]; [e-mail]