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PIMCO advised on DIY fund management
The international investment firm has established a trustee within the PIMCO Group for its funds.
Tom Lodewyke
Firm: K&L Gates (PIMCO)
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Deal: PIMCO has set up an internal trustee for its range of funds.
Value: $10 billion
Area: Finance
Key players: The K&L Gates team was led by investment management partner Liz Hastilow (pictured). Tax partner Betsy-Ann Howe, special counsel Leslie Petro and senior associates Lisa Lautier, Ed Vassie and Daniel Knight assisted.
Deal significance: International investment company PIMCO has set up a trustee within the PIMCO Group to operate its funds, rather than having them operated by an external third party.
The 12 separate funds have combined funds under management of $10 billion. K&L Gates said in a statement that the transition is one of the largest responsible entity transitions in Australian history.
The K&L Gates team managed the transactional process in relation to the retirement of ASX-listed equity trustees and the appointment of PIMCO. The firm advised PIMCO on the buildout of legal, compliance and operational functions, as well as leading negotiations and advising on the unitholder meetings.
“This is a significant transaction for the PIMCO Australian business,” said lead partner Liz Hastilow.
“We are pleased to have assisted PIMCO in delivering an outcome that will provide an end-to-end client experience for its investors and also improve operational and cost efficiencies for the company and its investors.”
