Investment manager PIMCO will bring its first closed-end listed investment trust to the Australian market with a national roadshow beginning in February and an anticipated launch in March 2020.
The trust will aim to meet Australian investors’ growing demand for yield and income, PIMCO said in a statement.
It said the strategy’s broad investment parameters will allow it to access a wide range of public and private investment opportunities to meet its income target.
Further, the attributes of a listed structure will enable it to target less-liquid debt opportunities, a universe not typically available in daily-priced investment structures.
The trust will be managed by senior portfolio managers Dan Ivascyn, group chief investment officer; Rob Mead, managing director and co-head of Asia-Pacific portfolio management; and Alfred Murata, managing director and portfolio manager.
PIMCO confirmed that it has appointed its joint lead arrangers, saying it is close to finalising the syndicate to support the raise.
“PIMCO has a long track record of delivering for clients in our global listed closed-end funds, and we are pleased to be able to bring this expertise to the Australian market. Our discussions with advisers and brokers have confirmed there is genuine market demand for our offering,” said head of PIMCO Australia, Adrian Stewart.
“For over 20 years, PIMCO has been growing its footprint in the Australian market, delivering a range of investment solutions to institutional and retail investors through managed funds and separate accounts. The launch of our first listed vehicle will allow an even broader range of investors to access PIMCO’s significant expertise and competitive advantage in this space.
“We believe in the value of financial advice and we think it is prudent that investors seek advice to understand the role that any investment strategy can play in their broader portfolios.”
Full details of the trust and syndicate will be provided when a product disclosure statement is made available, and is expected to occur in early 2020.
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