PIMCO plans to add three more new equity strategies in the firm’s continuing expansion outside the fixed-income arena, Mohamed A. El-Erian, CEO and co-chief investment officer, said in an interview.
Mr. El-Erian said he could not provide details of the new strategies, which he expects to be introduced in the next several years. The move would eventually give PIMCO a total of five equity strategies.
The manager launched its first equity strategy, Pathfinder, a deep-value global equity mutual fund, in the U.S. in April. It was followed shortly by a European version of the same strategy.
In July, PIMCO announced another new strategy, an emerging markets equity strategy. Mr. El-Erian said that strategy will be the next one to be implemented, in early 2011.
Pacific Investment Management Co. announced in July that it had hired Maria Gordon as an executive vice president and emerging market equity portfolio manager based in London to run the new emerging markets strategy.
So far, equity assets under management are only a small part of PIMCO’s more than $1 trillion in total AUM. The U.S. and European versions of Pathfinder have about $1 billion in assets combined, according to PIMCO.
Mr. El-Erian said the company believes it can obtain substantial growth offering equity strategies. “We are not just a fixed-income manager,” he said.