Pimco Australia has internalised the responsible entity function for its 12 managed funds, formally ending its relationship with Equity Trustees.
The move by Pimco to internalise the responsible entity (RE) function for its $10 billion in FUM comes after the company brought retail distribution in-house in December 2015.
Equity Trustees issued a notice on the ASX that it had "retired" as RE of the Pimco funds on 27 February 2017, following the results of a unitholder meeting held on 23 February 2017.
As a result, Pimco will become RE for all 12 funds available for Australian investors, including the Australian Bond Fund, Australian Focus Fund, Capital Securities Fund, Diversified Fixed Interest Fund, Global Bond Fund, Global Credit Fund and Income Fund.
Pimco head of Australia and New Zealand Adrian Stewart said the move to RE of the funds "underscores Pimco’s commitment to the Australian market".
"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," Mr Stewart said.
Stimulate new ideas. Stimulate new thinking. Top up your CPD and hear from industry experts with InvestorDaily’s Knowledge Centre. Keep up to date with the latest trends and reforms, all while adding to your CPD. Explore the knowledge centre Knowledge Centre now.
Despite unemployment falling to pre-pandemic levels, the central bank still thinks it’s too early to count its chickens on the success of ...