Pacific Investment Management Company (PIMCO) will take over fund sales from its parent, Allianz, Bloomberg reports. PIMCO will open a broker- dealer in New York and transfer 170 salespeople from Allianz to sell its mutual funds in the U.S.
PIMCO is yet to receive regulatory approval for the launch of the brokerage. Allianz Global Investors Distributors expects the transaction to be completed in the first three months of 2011.
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