Pacific Investment Management Co. LLC, a Newport Beach, Calif., unit of Allianz Group, launched the Pimco Unconstrained Tax Managed Bond Fund.

The fund, introduced Tuesday, is an actively managed fixed-income product. It is managed by Chris Dialynas, a managing director for Pimco.

As with the Pimco Unconstrained Bond Fund, which the company launched last year, the Unconstrained Tax Managed Bond Fund makes investments across all fixed-income markets. Additionally, 50% of the fund's assets are invested in municipal bonds.

Pimco, which offers a range of institutional and retail investment products, had $747 billion of assets under management at the end of last year.

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