UPDATE 1-Pimco's Ivascyn says firm has built 'above average' cash position

NEW YORK, Aug 11 (Reuters) - Pacific Investment Management Co, which oversees more than $1.6 trillion of assets, has built up an above-average cash position firmwide and has held S&P put options as geopolitical and military risks mount, Dan Ivascyn, group chief investment officer at Pimco, said on Friday.