PIMCO on Thursday announced the launch of two actively managed fixed-income exchange-traded funds, including one managed by a team that includes Daniel J. Ivascyn, managing director and group CIO, marking his debut as the manager of a U.S.-listed ETF.
The PIMCO Multisector Bond Active Exchange-Traded Fund, managed by the team that includes Mr. Ivascyn, will seek to "deliver diversified yield by prudently selecting assets among various sectors across the global bond market," PIMCO said in a news release.
Mr. Ivascyny is a named portfolio manager on some Canadian ETFs, but this is his first U.S. ETF, said Bryan Armour, director of passive strategies research for North America at Morningstar Research Services, a Morningstar subsidiary, in an email. "It's still significant and the continuation of a growing trend where top active mutual fund managers are adopting the ETF structure," he said.
Mr. Ivascyn also manages the $121.9 billion PIMCO Income Fund, a mutual fund, Mr. Armour said.
That mutual fund has long been a go-to vehicle for active fixed-income investors, added Todd Rosenbluth, head of research at VettaFi, a data and analytics provider. Having Mr. Ivascyn as a manager on the new ETF, which goes by the ticker PYLD, "should help PIMCO further gather assets as investors are increasingly turning towards active ETFs," Mr. Rosenbluth said in an email.
The other ETF, the PIMCO Ultra Short Government Active Exchange-Traded Fund, will invest primarily in short-term U.S. government-related debt, the release said. That fund goes by the ticker BILZ.
"The dramatic repricing of fixed income markets over the last 18 months is the beginning of what we believe is a secular shift in global markets in which a less certain, less synchronized world creates tremendous opportunities for flexible, multi-sector investors with a long-term investment horizon," Mr. Ivascyn said in the release. "The rapid rise in short-term rates, meanwhile, has also disrupted traditional ways of investing cash as investors look to capture more yield."
PIMCO managed $1.8 trillion in assets as of March 31, a spokeswoman said.
