Pimco [profile] brings it's business to Rio de Janiero.

A team of 15 will start Pimco's first Latin American office, which is the asset manager's attempt to answer to the demand for global investment products in Brazil because of their record-low interest rates,reportsBloomberg.

Alec Kersman, head of Latin America and Carribbean Operations and senior vice president, said Pimco is "planning to relocate some of the members of [their] team from New York to Rio as well as hire additional people locally."

“We have already made a handful of strategic hires and are currently looking to add resources to our local credit research team," said Kersman.

He also said that they look forward to start an office which is relatively small in scale but will increase in size as needed.

Kersman said: "Our Rio office will be the center of gravity of our Latin American business."  

Edited by: HFD


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