PIMCO, a US-based investment management firm, has unveiled plans to establish a new office in Austin, Texas in mid-2018.

The new office is the investment manager’s third office in the US. The other two offices are located in Newport Beach, California that serves as the firm’s headquarters, and in New York City.

The Austin office is expected to expand its headcount to nearly 200, mostly through new hires, by the end of 2019.

The office will support a range of services such as technology, US global wealth management, institutional client management, and marketing.

PIMCO CEO and managing director Emmanuel Roman said: “Austin will play an important part in PIMCO’s continued growth and we are excited to become part of this vibrant, innovative community.”

The new office will be headed by the firm’s executive vice president and head of US global wealth management sales Patrick Feigley.

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“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 noted.