Pimco Will Keep Name in Deal with Allianz
November 8, 1999
The investment adviser to the Pimco Funds may have a new majority owner, but it will not have a new name.
Both the Pimco Funds and the fund's adviser, Pacific Investment Management Company of Newport Beach, Calif., will keep their respective names despite the agreement by Allianz AG of Munich, Germany to pay $3.3 billion for a 70 percent stake in Pimco Advisors Holdings, LP. However, Allianz plans to offer Pimco Funds under the Allianz name in Europe.
The assets of the Pimco Funds have grown from $10.7 billion in 1994 to about $54 billion currently, Pimco said in a statement Oct. 31. Pacific Investment Management has $181 billion in fixed-income assets under management. The deal is expected to close by March 31, 2000.