Equity Trustees will no longer distribute Pimco's funds in Australia following a decision by the global investment manager to internalise the function.
A statement by Pimco said Equity Trustees will transfer distribution responsibilities of the funds back to Pimco over the coming months.
Equity Trustees will continue to act as the responsible entity for the Pimco funds, said the statement.
The change marks the beginning of a "complete transformation of Pimco's global wealth management distribution strategy in Australia", said Pimco.
The transformation will include a change in organisation structure and an expansion of the Australian Pimco team; the launch of new strategies; and a greater focus on education and tools to help advisers, said the statement.
Pimco head of Australia Adrian Stewart said the decision to internalise the distribution is part of a move to make Pimco a "complete provider of investment solutions".
"We anticipate a number of benefits as a result of this transition which will help to better serve our clients.
"It’s critical to ensure Pimco is as close as we can be to our clients to understand their requirements and deliver innovative investment solutions to help their clients achieve their long-term objectives," Mr Stewart said.
The bank said that a change in government did not currently necessitate a change to its economic forecast nor its interest rate expectations...
Anthony Albanese has declared victory at the 2022 federal election. ...