Pimco gains licence to set up Taiwan unit

Taipei_dragonsFixed income specialist Pimco has received a licence from the Taiwanese authorities to set up an onshore entity in Taipei. The Pimco unit, which will function as a securities and investment consultant enterprise, intends to act as master agent for 13 Pimco funds that are registered for sale in the country. “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,” said Michael Thompson, head of Asia. Mitch Wang has joined the firm as general manager of Pimco Taiwan. He was previously employed as the local head of the intermediary business for Fidelity International's asset management operation in Taiwan. The new Pimco unit is expected to onboard the responsibility for the 13 funds from the current master agent, Allianz Global Investors Taiwan, some time this year subject to regulatory approval. ©2018 funds global asia

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