Pimco plans to start offering funds from its European subsidiary to investors in Colombia.
The local market regulator authorized the fund giant’s representative office to market products by Pimco Europe, its London-based investment firm, according to a document by the agency released Monday.
Pimco confirmed the expansion to Citywire Americas. Commenting on the move, Alec Kersman, managing director and head of Latin America and the Caribbean for Pimco, said: ‘We’re expanding our fund offerings to satisfy the needs of our growing client base in the country and provide broader coverage of our global product suite and services.’
As a result of the expansion, Colombian investors will have access to funds from the following ranges:
- Global lnvestors Series
- PIMCO Select Funds
- PIMCO Fixed lncome Source ETF's
- PIMCO Luxembourg Trust
- PIMCO Luxembourg Trust IV
- PIMCO Total Return Strategy Fund
The $1.7 trillion asset manager already has had permission since 2012 to offer solutions to Colombian investors in 11 categories, including closed-end investment funds, equity vehicles and US funds, according to the document.
Asset managers with representative offices in Colombia must have authorization from the market regulator to market their funds to local investors.
In addition to Pimco, Natixis Investments Managers recently also expanded its fund range in Colombia, where its planning to market funds such as the MultiBonds vehicle from its affiliate H2O.
Other managers with interest in Colombia include Legg Mason, which is planning to open a representative office in that country, Citywire Americas reported in October.