Pacific Investment Management Co. announced Tuesday that it is planning to introduce its first bond exchange-traded fund.
Processing Content
Documents filed with the Securities and Exchange Commission said the bond ETF will track the Lehman Brothers Aggregate Index.
The Newport Beach, Calif., investment management company, which has $830 billion of assets under management, is likely to start the bond ETF late this year or early in 2009.
In late May more than 60 bond exchange-traded funds were listed on U.S. exchanges, with $44 billion of assets under management in all, according to Morgan Stanley. They remain a small component of the ETF universe, which includes 688 funds and $615 billion under management, Morgan Stanley said.
