Pimco has leveraged its reputation into a mandate for the World ... er, the World Bank. The Financial Times reports that the World Bank tapped Pimco to manage its $5 billion World Bank Gemloc fund. The Gemloc -- short for The Global Emerging Markets Local Currency Bond Fund -- is used to help emerging economies develop their local-currency bond markets. It is raising funds from private institutions, sovereign wealth funds and central banks. The World Bank also tapped Markit to develop a transparent index for local currency bonds from 20 emerging markets for use by the fund. 

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