Pimco establishes German subsidiary
Global investment manager Pimco is establishing a German subsidiary, Pimco Deutschland, to provide a full spectrum of client servicing and investment management to local clients.
The firm holds a BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) licence for portfolio management, investment consultancy, contracting and investment brokerage. The parent firm, founded in 1971, has more than €1.04trn of assets managed or serviced worldwide, and other entities registered in Milan, Zurich, Amsterdam, Munich and London.
Pimco managing directors Craig Dawson and Andrew Bosomworth (pictured) have been appointed to the management board of Pimco Deutschland. The new company manages more than €200bn of assets, mainly for institutional clients.
Dawson said the move would help evolve the firm as a complete provider of global investment solutions across asset classes to German clients.
The establishment of Pimco Deutschland coincides with a reorganization of the asset management division of Pimco’s parent company Allianz. Under the new structure, Pimco becomes fully responsible for the distribution of its products to clients in Germany.
Pimco has a longstanding presence in the German market, having started operations there in 2000. Pimco also recently strengthened its client servicing capabilities, adding to the account management team in Germany and Austria. Currently, 160 employees work at Pimco’s base in Munich, with 47 in Portfolio Management and 32 in client servicing.
It has evolved from its initial specialization as a bond house, to offer investment structures across several asset classes.