PIMCO obtains RE licence

PIMCO funds funds management finance industry

31 October 2016
| By Oksana Patron |
image
image
expand image

PIMCO has obtained a responsible entity (RE) licence and hopes to become a responsible entity for its $10 billion managed fund complex during the first three months of next year, subject to unit holder approvals.

The company said the move signalled the next step and the continued expansion into the Australian market.

According to PIMCO, internalising the RE function would offer a number of benefits for its clients, including:

  • End-to-end client management — as investors would receive enhanced service thanks to the combined experience of local and global PIMCO teams, regarding investment management, distribution and RE functions;
  • Robust risk and compliance control;
  • Dedicated responsible entity service; and
  • Enhanced corporate strength

PIMCO's head of Australia, Adrian Stewart, said that the move was triggered by positive feedback from the market after bringing wealth management distribution in-house.

"For PIMCO, taking responsibility for the PIMCO funds is therefore a natural next step in PIMCO's continued evolution as a complete provider of investment solutions," he said.

"As RE, we will now have the platform to continue to innovate and deliver contemporary investment solutions in response to the changing needs of clients.

"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."

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 5 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 3 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

5 days 22 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

5 days 2 hours ago