Pacific Investment Management Co., the world's largest bond manager, is considering starting a stock fund unit for the first time in its 38-year history as it expands its lineup of products, a person familiar with the firm's plans said.

The Newport Beach, Calif., company may hire an existing management team with a track record, said the person, who asked not to be identified because details have not been made public.

Pimco has not decided on the candidates it will consider, the person said. Pimco, which earlier this year opened its first exchange-traded funds, is expanding to offer a wider range of investment products.

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