American investment manager PIMCO has concluded the acquisition of specialist municipal bond manager Gurtin Municipal Bond Management for an undisclosed sum.
The deal was first announced in October last year. California-based Gurtin tends to UHNWIs and HNWIs, with a focus on maximising tax-exempt income for its clients.
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The business will retain its San Diego and Chicago offices. The management of Gurtin’s funds and separate accounts will remain under the firm’s investment team.
PIMCO CEO Emmanuel Roman said: “We are thrilled to complete the acquisition of Gurtin which combines our client-focussed cultures to create a muni platform which offers institutions, RIAs and individual investors a comprehensive suite of muni strategies and services.”
Gurtin founder Bill Gurtin will remain involved in the business for “several years” to manage the merged entity, which will have $38bn of dedicated municipal bond assets.
“It was important to me that if we ever sold our firm it would be to a partner that shares our commitment to excellence and similarly felt that client interests come first. The fact that our clients were overwhelmingly supportive of our transaction validates that PIMCO is just that firm, making this an exciting time for Gurtin clients and employees,” Bill Gurtin noted.
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