American investment manager PIMCO has secured a licence to open a new onshore entity in Taiwan called PIMCO Taiwan. It will begin operations as a securities and investment consultant enterprise (SICE).
The new entity, PIMCO Taiwan, will be the master agent for the company’s 13 funds under the PIMCO Global Investors Series (PIMCO GIS Funds) that are registered for general sale to local investors.
Additionally, it will also be responsible for directly managing the firm’s local distribution partnerships, subject to regulatory approvals.
PIMCO is now working with its current master agent Allianz Global Investors Taiwan (AllianzGI) to enable smooth transfer of responsibilities to PIMCO Taiwan.
During the transition period, PIMCO will manage the PIMCO GIS Funds while AllianzGI will continue to serve as the master agent till PIMCO Taiwan is appointed, subject to regulatory nod.
PIMCO Asia head and PIMCO Taiwan chairman Michael Thompson said: “Building our onshore presence in Taiwan directly aligns with PIMCO’s global distribution strategy and speaks to the firm’s commitment to growing our Asia presence; recognising the significant opportunities this region represents for both the firm and our investors.
“The PIMCO SICE provides us with a meaningful framework to deepen our engagement with local distribution partners, expand our reach to clients and continue to deliver global investment solutions and industry-leading client experience for investors in Taiwan.”
PIMCO Taiwan will be led by Mitch Wang as general manager. Wang will report directly to PIMCO head of Greater China Haining Yin.
Wang will be responsible for bolstering the firm’s offshore fund business, strengthening prospects in Taiwan as well as expanding distribution partnerships.
“With his over 20 years of asset management experience and extensive distribution relationships in Taiwan, Mitch is an excellent and timely addition to the firm as we grow our presence in the market,” Yin stated.