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Friday, March 16, 2018

Where Will Roman Bring Pimco Next?

News summary by MFWire's editors

Manny Roman may soon add a third U.S. office for Pimco [profile], and not on either of the coasts. Yet Roman isn't quite pulling an Amazon when it comes to the search.

Austin, Dallas, and Denver are the three cities on the shortlist for the next Pimco office in the U.S., Bloomberg reports. Citing a February 26 internal memo from Roman, Pimco's CEO, the news service notes that the new location would start out with about 200 Pimco employees. That translates into about nine percent of Pimco's current global workforce of about 2,220, though most of the new office's employees would be new hires: wealth management and tech are two areas mentioned by Bloomberg.

Newport Beach, California-based Pimco has 12 offices worldwide, including a New York City office shared with its German multinational parent, Allianz.

All three shortlisted metro areas are not strangers to the money management industry. Asset managers Janus Henderson and OppenheimerFunds, and 401(k) recordkeeper Empower Retirement are among those money management players to already count Denver as a home. Asset manager DFA is based in Austin. And brokerage giant Charles Schwab has a big Austin presence and is building out in the Dallas area. 

Edited by: Neil Anderson, Managing Editor

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