PIMCO to launch first LIC
PIMCO has been seeking to raise $500 million for its first listed investment trust for Australian investors, the PIMCO Global Income Opportunities trust (PMX).
The closed-ended vehicle aimed to deliver regular income and risk-adjusted returns by generating ideas across fixed income. It targeted a distribution of 4.75%-5.75% per annum to be paid monthly.
PIMCO was aiming to raise $500 million when it opened on 29 March, 2022 and it sought to list on the Australian Securities Exchange (ASX) on 21 April, 2022.
It would be managed by a team including managing director and group chief investment officer, Dan Ivascyn, head of Australia and co-head of Asia Pacific portfolio management Rob Mead and portfolio manager, mortgage credit Alfred Murata.
Ivascyn said: “PIMCO has a long and successful history of managing listed trusts around the world. The flexibility of the listed structure provides us with greater opportunities to pursue high conviction positions to generate attractive income. We will continue to employ our long-standing ‘bend but don’t break’ approach, rigorously analysing and stress-testing potential opportunities that we believe can offer a resilient return profile under a broad range of economic scenarios.”
Mead added: “We are very pleased to be launching this unique offering to Australian investors at a time when the need for income is strong. PMX will represent PIMCO’s best income-generating investment ideas, taking advantage of our dedicated investment specialists from around the world, and our depth and reach across global fixed income markets”.
AUTHOR
Laura Dew
Recommended for you
Zenith Investment Partners has appointed an experienced research executive as its new group head of research following the departure of Bronwen Moncrieff.
The financial services technology company has appointed two non-executive directors following its AGM earlier this year, where it flagged it would embark on a board renewal process.
Several wealth management companies have been selected as finalists at the inaugural awards, which champions those who have transformed the Australian economy with their AI solutions.
Money Management’s sister brand Super Review is pleased to reveal that over 120 finalists will compete for trophies at this year’s awards.
