Pimco to launch $2 billion distressed debt fund: report

NEW YORK (Reuters) - Pacific Investment Management Co is planning to launch a $2 billion distressed-debt fund, The Wall Street Journal reported in its online edition on Thursday.

The Pimco Distressed Mortgage Fund will invest in a variety of assets, including mortgage-backed securities, asset-backed securities and collateralized debt obligations, the Journal reported, citing a Pimco document. Pimco is a unit of Germany's Allianz SE (ALVG.DE).

Pimco was not immediately available for comment.

(Reporting by Lewis Krauskopf)