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PIMCO Hands Over Reins On Six Funds to SSBAM

PIMCO Funds Advisor has asked shareholders of six of its funds, including the PIMCO Emerging Markets Floating Rate Fund and the PIMCO Municipal Partners Fund, to permit Salomon Smith Barney to assume investment management and advisory control of the funds.

Shareholders are scheduled to vote on the matter Dec. 11, according to a recent filing with the SEC.

The board of directors of each of the PIMCO funds has already approved the switch, which is expected to reduce fees on each fund between five and 15 basis points.