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Pimco to launch $2 billion distressed debt fund: report

NEW YORK
Thu Sep 13, 2007 7:32am EDT

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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.

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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)
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