(Bloomberg) -- Pacific Investment Management Co. has acquired a minority stake in Beacon Platform Inc. and will use the company’s technology to deliver quantitative research and analytics to its money managers around the world.
Pimco, in a statement Thursday, described Beacon as a specialist in the development of cloud-based, end-to-end development and production platforms. The technology will be used to support the fixed-income giant’s 240 portfolio managers globally.
Acquiring talent and technology to gain an investing edge is a major focus for Pimco, Chief Executive Officer Manny Roman said in an interview last month with Bloomberg News. Pimco, which is based in Newport Beach, California, in April chose Austin, Texas, for a new office as it seeks to recruit tech talent and broaden marketing in the U.S.
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