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.
