Investment management firm Pimco will not go for fresh acquisitions to expand its equities business, one of the firm’s senior executive told German weekly Euro am Sonntag.

Andrew Bosomworth, Pimco’s head of portfolio management for Germany, told Euro am Sonntag, "We want to build up our equities know how with organic growth. We do not plan to acquire investment boutiques.

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"We will continue to hire equities experts and will, step by step, set up products. But that will not happen overnight. It has taken Pimco 30 years to get to assets under management of $1 trillion in bonds. We cannot expect wonders in the equities business," Bosomworth added.

Last week, Pimco and Research Affiliates extended their longstanding relationship to include a global range of seven additional equity strategies.

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