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Pimco says it will probably be onshore in China in year or two
[HONG KONG] Pacific Investment Management Co will probably be onshore in China in a year or two, according to Eric Mogelof, head of Asia Pacific at the firm.
"Most recently we've seen regulations change," Mr Mogelof said at the Bloomberg Markets Most Influential Summit in Hong Kong. That is "encouraging Pimco to think a whole lot more about being onshore."
The remarks come after Mr Mogelof said last month that Pimco, which doesn't have an office in mainland China, has been working on a business plan to establish an onshore presence.
The US$1.5 trillion money manager is seeking to expand in an increasingly affluent Asia. High net-worth individuals' wealth grew 10 per cent to US$17.4 trillion in the Asia-Pacific region last year, exceeding the US$16.6 trillion figure in North America for the first time, consulting firm Capgemini estimates.
Pimco was in the process of hiring more than 20 people in marketing, operations, legal and compliance teams in the next two years to help cover major retail banks in Hong Kong and Singapore, Mr Mogelof said last month.