Friday, May 16, 2008

PIMCO enters Taiwan via Allianz tie-up

PIMCO, manager of the world's biggest bond fund, said Tuesday it will sell its products in Taiwan through Allianz , becoming the latest foreign fund firm to tap local demand for offshore investments.

Taiwan is one of Asia's biggest mutual fund markets, attracting major global firms, including the fund arms of ING Group , AIG and Prudential Financial.

Under the tie-up, Allianz Global Investors Taiwan Ltd. will be the exclusive agent for more than five bond funds managed by U.S.-based Pacific Investment Management Co., which oversees US$812 billion of client assets.

"Taiwan is an important market in Asia," said Rita Hsu, general manager of Allianz Global Investors Taiwan. PIMCO's entry to the market is latest by a foreign fund house in Taiwan's NT$2 trillion offshore fund sector.

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