MutualFundWire.com: Pimco's Fund Sales Will Not Come Up Short

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Tuesday, January 18, 2011

Pimco's Fund Sales Will Not Come Up Short

Jon Short and his team are awaiting regulatory approval to launch Pimco's broker-dealer, Pimco Investments. As previously reported, sales of Pimco's funds will move from Allianz Global Investors Distributors to Pimco Investments.

Jon Short
Pimco Investments
Chairman and Managing Director

Now, more details have emerged on Pimco's soon-to-be-launched b-d. Pimco is bringing over 170 salespeople from Allianz, Pimco chief operating officer Douglas Hodge told Bloomberg. The wire service also talked to Short, who said Pimco will hire around 80 more people for the distribution unit, which will bring the total number of people in the distribution arm to 250.

Allianz Global Investors Distributors will continue to sell products other subsidiaries such as from AGI Capital, RCM and the solutions business.

Brian Gaffney
Allianz Global Investors Distributors
Managing Director and CEO

So how will Pimco Investments' sales force be structured and how will Allianz Global Investors Distributors' sales team be organized with the advent of Pimco Investments?

Short will serve as chairman and managing director of Pimco Investments and Eric Sutherland, who came from AGID, will serve as national sales manager.

Pimco Investments will include seven divisional sales managers, 70-75 advisor consultants (external wholesalers) and 70-75 internal advisor consultants, according to Pimco spokesman Dan Tarman, in e-mailed comments to The MFWire.com.

Roddy Marino
Allianz Global Investors Distributors
Head of Advisory Distribution

"The majority of our client facing organization has been hired, and we will make some additional hires over the coming weeks and months," Tarman wrote in the e-mail.

As for AGID, Brian Gaffney will continue as CEO and managing director. Roddy Marino is the head of advisory distribution, and Marino's team includes two divisionals and 18 external wholesalers focusing on the advisor channel, AGID spokeswoman Megan Frank told The MFWire.com. The number of internals could not immediately be confirmed. Marino's team is separate from the DC IO/sub-advisory group led by Andy Wilmot.

Printed from: MFWire.com/story.asp?s=35778

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