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BNN has confirmed the world's largest bond manager is setting up a retail shop in Canada.
A person familiar with the situation says Pacific Investment Management Company LLC has filed with regulators to sell eight retail-targeted funds in Canada. The company is based in Newport Beach, California and has more than $1-trillion dollars US under management.
Pimco has had an office in Canada since 2004, but mainly for pension business. Last Friday, Pimco CEO Mohamed El-Erian told BNN Canada is an important market for the firm.