Pimco has launched GIS Capital Securities Fund, a dedicated bond fund which will focus on debt issued by the financial institutions.
The new fund is part of Pimco’s Ucits-compliant Global Investor Series fund range, which has 47 sub-funds in it, domiciled in Dublin.
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The fund will be run by Philippe Bodereau, managing director and head of global financials research at Pimco.
The fund aims to target subordinated, hybrid and contingent convertible (Coco) bonds issued by banks, insurance companies and other financial institutions.
Bodereau said: "As the global banking sector continues its multi-year deleveraging journey, the market environment remains conducive to the appreciation of capital securities. Moreover, increased banking regulation should lead to fewer bank failures due to rapidly improving capital buffers.
"The Pimco GIS Capital Securities Fund invests in those financial issuers where our strong team of 16 dedicated traders and analysts find the best opportunities and has the strongest convictions."
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