Pimco Sees Dallas, Austin and Denver as Top Contenders for New Office With 200 Jobs

Pacific Investment Management Co. plans to open a third U.S. office in either Texas or Colorado as the firm seeks to continue asset growth and broaden its client base.Dallas, Austin and Denver are on the shortlist for the office, which will initially have about 200 employees, according to a memo seen by Bloomberg News. The majority of those employees will be new hires in areas such as technology and U.S. global wealth management. Pimco, a unit of Allianz SE, has more than 2,200 employees at 12 global offices. It's based in Newport Beach, California."Many of our rivals in the asset management industry do not have the same resources and expansion opportunities -- in fact, quite the opposite," Pimco Chief Executive Officer Emmanuel "Manny" Roman said in the Feb. 26 memo, which was distributed companywide.Pimco's assets under management rebounded to $1.75 trillion at the end of last year from a low of $1.43 trillion as of Dec. 31, 2015. They peaked at almost $2 trillion in the first quarter of 2013, before the firm suffered massive outflows following the departure of co-founder and star money manager Bill Gross. Several firms that actively manage assets, like Pimco, have been losing market share to lower-fee index-based money managers such as Vanguard Group and BlackRock Inc.  Continue reading...