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Report: PIMCO to create onshore presence in China by 2018

PacificInvestment Management Co. LLC is working to create an onshorepresence in China by 2018, Bloomberg News reported.

Eric Mogelof, head of Asia Pacific at PIMCO, reportedly saidrecent regulatory changes have prompted the move.

PIMCO is not alone in its efforts to expand in anincreasingly affluent Asia. In March, Bridgewater Associates LP an investment managementunit in Shanghai. Wealth of high-net-worth individuals rose 10% to$17.4 trillion in the Asia Pacific region in 2015, the news outlet reported,citing estimates from consulting firm Capgemini.