3 Bond Funds Launched

The house built by bonds, Pacific Investment Management Co., launched three bond funds Tuesday, including an emerging market bond fund.

The Pimco Emerging Markets Bond Fund, which is managed by Newport Beach-based Pacific Investment, will be offered to both retail and institutional investors. The fund will require a minimum investment of $1,000, says the Pimco Funds Distribution Co.

Pimco has more than $99 billion in assets under management and is one of the largest bond managers in the U.S. Pimco also has launched two mortgage-backed funds--the Pimco Total Return Mortgage Fund and the Pimco Low Duration Mortgage Fund. The two mortgage funds will be available only to institutional investors, the group says.