Investment management firm Pimco has obtained a responsible entity licence and will become the responsible entity for its suite of managed funds.
Following the internalisation of the company’s wealth management arm in December 2015, Pimco has announced it intends become the responsible entity for its $10 billion managed funds complex in the first quarter of 2017.
“Feedback from the market since bringing wealth management distribution in-house has exceeded all expectations,” said Pimco head of Australia Adrian Stewart.
The move will improve risk and compliance controls, end-to-end client management and the company’s ability to meet capital requirements, Pimco said, as well as offer clients “a responsible entity service that is entirely focused on Pimco unit holders”.
Mr Stewart said the decision underscored a commitment to the Australian marketplace.
“For Pimco, taking responsibility for the Pimco funds as responsible entity is therefore a natural next step in Pimco’s continued evolution as a complete provider of investment solutions,” he said.
“As responsible entity, we will now have the platform to continue to innovate and deliver contemporary investment solutions in response to the changing needs of clients.”