An asset management giant's chief has officially picked Austin as his firm's third U.S. location.

Yesterday Manny Roman, CEO and managing director of Pimco [profile], confirmed that the Newport Beach, California-based firm will open an office in Texas' capitol. Patrick Feigley, executive vice president and head of U.S. global wealth management sales, will lead the office, which is expected to open this coming summer and grow to about 200 employees by the end of 2019. (Pimco currently has more than 2,150 employees worldwide.)

The Austin Business Journal, Bloomberg, CityWire, Reuters, and the Wall Street Journal all covered news of Pimco's upcoming Austin office.

"Austin will play an important part in PIMCO's continued growth and we are excited to become part of this vibrant, innovative community," Roman states.

Among many other nicknames, Austin is known as the "Silicon Hills," so it's not surprising that the Pimco team officially expects to "have a significant technology presence" in the city. Watch for Roman to also build up Pimco's wealth management, institutional client management, and marketing presence there, too.

"This office in Austin will enable us to expand our reach to clients, access new pools of talent and skills and build out our technological excellence and innovation across the firm globally," Feigley states.

Avid Pimco watchers may not be surprised by the move, as a month ago news broke that, according to a February 26 memo from Roman, three cities were in contention for Pimco's third U.S. office. Those cities were Austin, Dallas, and Denver. (In addition to Pimco's Newport Beach HQ, it also already has a New York City office shared with its German multinational parent, Allianz; it also has ten international offices.) 

Edited by: Neil Anderson, Managing Editor


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