Allianz drops Pimco brand from three UK funds
Allianz Global Investors (Allianz GI) has cut the Pimco brand from three funds offered to UK investors, in spite of previously saying it would keep the name.
The Allianz Pimco Sterling Gilt Yield fund, run by Pimco’s Mike Amey, has been renamed as the Allianz Gilt Yield fund.
The Allianz Pimco UK Corporate Bond fund and Allianz Pimco Sterling Total Return fund, both managed by Ketish Pothalingam, have had the Pimco brand removed.
A spokesman for the Munich-based fund manager said the move was part of a wider effort to strengthen the Allianz GI brand and ensure consistency across its fund range.
In January, Allianz GI said it was dropping the RCM brand from its range of more than 100 funds available across Europe, including Michael Konstantinov’s £630.8m Bric Stars fund. However, in the same announcement it said: “All Allianz funds which are still managed under Pimco strategies will have the word Pimco in their names.”
The Allianz GI spokesman said no changes would be made to the funds affected by the latest changes, which took effect on June 6.
Pimco - founded by Bill Gross in 1971 - was bought by the German insurer Allianz, which also owns Allianz GI, in 2000. Last year it introduced a new asset management holding company, Allianz Asset Management, to house both Pimco and Allianz GI.
Since the restructure Pimco has sought to expand its distribution in the UK, including striking deals with Fidelity FundsNetwork and Nucleus to offer its four-strong Dublin-domiciled Select fund range.