Pimco to start 19 active ETFs as Gross diversifies firm
Company to more than triple its line-up by offering variations of mutual funds
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[NEW YORK] Pacific Investment Management Co (Pimco), the world's biggest bond manager, plans to start 19 actively managed exchange-traded funds (ETFs) as co-founder Bill Gross further diversifies the firm following chief executive officer Mohamed El-Erian's resignation last week.
Pimco will more than triple its active ETF line-up by offering variations of mutual funds such as Pimco Income, Pimco Unconstrained Bond, Pimco Municipal Bond and several StocksPlus and IndexPlus products, according to regulatory filings with the Securities and Exchange Commission on Jan 24.
The StocksPlus funds attempt to beat the equity market with bonds and derivatives. IndexPlus funds use an untraditional benchmark that isn't dominated by market capitalisation.
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