Bond giant Pacific Investment Management Co., is considering adding stocks for the first time as it expands its product line-up to investors, a person familiar with the firm told Bloomberg on Monday.

Pimco may hire an existing management team with a track record, after opening its first exchange- traded funds earlier this year.

Pimco CEO Mohamed El-Erian has said the U.S. is facing a sustained period of lower economic growth than in the past and elevated inflation, a scenario he called the “new normal.”

And outsiders say that as investors move from fixed-income to equities, Pimco would like to participate.

Pimco is a unit of Munich-based insurer Allianz SE. Its Pimco Total Return Fund is the world’s biggest mutual fund with $186 billion, according to Bloomberg, and it has grown an average annual rate of 6.8 percent over the past five years.

Adding equities could help Pimco compete with asset- management firms such as BlackRock, which is buying Barclays Global Investors.