PIMCO plans to internalise RE services
Fixed income fund manager, PIMCO, plans to internalise its responsible entity (RE) functions, for its $10 billion managed fund complex in quarter one of 2017.
PIMCO said it obtained its RE licence following the successful internalisation of PIMCO's wealth management distribution services in December 2015.
It was a natural step for PIMCO as a provider of investment solutions, the fund manager said.
PIMCO's head of Australia, Adrian Stewart, said PIMCO would now have the ability to innovate and provide contemporary investment solutions to clients.
It would be able to provide end-to-end client management, robust risk and compliance controls and provide dedicated RE services, he said.
The net tangible asset (NTA) capital requirement for REs would also not be capped, while PIMCO was also well placed to support growth without constraints, PIMCO said.
"Since December 2015, we have met with or presented to more than 6,500 advisers. In addition, 475 advisers have recommended PIMCO to their clients for the first time. We are very proud of these results, and they underscore our commitment to the Australian marketplace," Stewart said.
PIMCO said it would become an RE subject to unit holder approval.
Recommended for you
Infrastructure assets are well-positioned to hedge against global uncertainty and can enhance the diversification of traditional portfolios with their evergreen characteristics, an investment chief believes.
Volatility in US markets means currency is becoming a critical decision factor in Australian investors’ ETF selection this year.
Clime Investment Management is overhauling the selection process for its APLs, with managing director Michael Baragwanath describing the threat of a product failure affecting clients as “pure nightmare fuel”.
Global X will expand its ETF range of exchange-traded funds next month with a low-cost Australian equity product as it chases ambitions of becoming a top issuer of ETFs in Australia.
