American fund manager PIMCO has decided to internalize the distribution of its funds in Australia following a decision to sack Equity Trustees as its national distributor.
Equity Trustees will transfer distribution responsibilities of the PIMCO funds to PIMCO over the coming months.
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However, Equity Trustees will continue to act as the responsible entity for the PIMCO funds.
As part of the transition, PIMCO will implement a number of changes including a change in organizational structure and an expansion of the team and the launch of new strategies.
PIMCO head of Australia Adrian Stewart said: "For PIMCO, creating one engagement model for all PIMCO products is a natural part of PIMCO’s continued evolution as a complete provider of investment solutions.
"It’s critical to ensure PIMCO is as close as we can be to our clients to understand their requirements and deliver innovative investment solutions to help their clients achieve their long term objectives."
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