US fixed income manager Pimco has been granted a business license from Taiwan’s regulator for the onshore entity it has set up in the country, Pimco Taiwan Limited.
Pimco Taiwan is a securities and investment consultant enterprise (SICE) and will act as the agent for the firm’s 13 Pimco Funds: Global Investors Series plc, registered for general sale to local Taiwan investors.
It will directly manage its local distribution partnerships, subject to regulatory approval regarding the master agent transition. The firm is working closely with Allianz Global Investors Taiwan, its current master agent, on the transfer of responsibilities.
Pimco will continue to manage the Pimco GIS Funds during the transition while AllianzGI will remain as the master agent until the effective date of appointment of Pimco Taiwan as the new master agent.
The manager’s Taipei office forms the fifth one opened in Asia including Hong Kong, Singapore, Sydney and Tokyo. It will be led by Mitch Wang, appointed as general manager of Pimco Taiwan.
He will be leading a team focused on driving growth in the firm’s offshore fund business, expanding its distribution partnerships, and strengthening relationships with institutional clients and prospects in Taiwan.
Wang will report to Haining Yin, head of Greater China based in Hong Kong. He was most recently head of Intermediary Business, Taiwan at FIL Securities Investment Trust Co., Taiwan’s asset management entity of Fidelity International.
Michael Thompson, Pimco’s head of Asia and chairman of Pimco Taiwan Limited said, “We are very excited to have achieved this important milestone. Building our onshore presence in Taiwan directly aligns with Pimco’s global distribution strategy and speaks to the firm’s commitment to growing our Asia presence; recognising the significant opportunities this region represents for both the firm and our investors.”
“The Pimco SICE provides us with a meaningful framework to deepen our engagement with local distribution partners, expand our reach to clients and continue to deliver global investment solutions and industry-leading client experience for investors in Taiwan,” added Thompson.