NEWPORT BEACH, Calif. - Pacific Investment Management Co., Newport Beach, and Pacific Asset Management (S) Pte. Ltd., Singapore, formed a strategic alliance to serve institutional investors in the United States and Asia-Pacific region.
PIMCO, which opened an office in Singapore last year, is acquiring up to 49% of Pacific Asset Management. The alliance will allow PIMCO to use Pacific Asset Management's Southeast Asian currency and fixed-income expertise, while Pacific Asset Management will benefit from PIMCO's U.S. resources. Managing partners Ho Tian Yee and Greg Seow will continue to manage the firm.
PIMCO formed the joint venture to take advantage of "rapid growth and interesting opportunities" said William S. Thompson Jr., chief executive officer.