Global fund manager Pimco will take control of its own Australian distribution, following a decision to dismiss Equity Trustees as its national distributor.
A statement by Pimco noted that Equity Trustees will transfer distribution responsibilities for the funds back to Pimco over the coming months.
Equity Trustees will continue to act as the responsible entity for the Pimco funds, the statement added.
The change marks the beginning of a "complete transformation of Pimco's global wealth management distribution strategy in Australia", said Pimco.
The transformation will include a change in organisational structure and an expansion of the Australian Pimco team, the launch of new strategies, and a greater focus on education and tools to help advisers, said the statement.
Pimco's head of Australia, Adrian Stewart, said the decision to internalise the distribution is part of a move to make Pimco a "complete provider of investment solutions".
"We anticipate a number of benefits as a result of this transition which will help to better serve our clients," Mr Stewart said.
"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," Mr Stewart said.
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