(Reuters) - PIMCO, one of the world’s biggest asset managers, said on Tuesday it will open an office in Austin, Texas, this summer, which will be its third in the United States.
The company, which manages some $1.77 trillion in assets, currently has its headquarters in Newport Beach, California, and an office in New York.
PIMCO, which has more than 2,100 workers, said it plans to have about 200 employees in the Austin office by the end of 2019, with the majority of them being new hires.
“The office will have a significant technology presence, but also other functions including U.S. Global Wealth Management, Institutional Client Management, Marketing and other business groups which may benefit from local talent pools,” the company said in a statement.
Reporting by Richard Leong; Editing by Paul Simao