NEWPORT BEACH, Calif. ( TheStreet) -- Pacific Investment Management, the world's biggest manager of bonds, is considering opening a stock fund unit for the first time in its 38-year history, reports say.

Pimco is a unit of Munich-based insurer Allianz ( AZ).

Pimco may hire an existing management team with a track record, Bloomberg reports, citing a person familiar with the firm's plans.

Earlier this year, Pimco launched its first exchange-traded funds in a move to offer a wider range of investment products, Bloomberg notes. Adding equities would help Pimco compete with asset management firms such as BlackRock ( BLK), which is about to become the world's biggest money manager once its acquisition of Barclays Global Investors closes.