PIMCO is preparing to bring its first closed-end listed investment trust to the Australian market, with the aim to meet Australian investors' growing demand for yield and income.
PIMCO said the trust will look to leverage its strength in global income and credit investing, to provide "unique access to multi-sector income investment opportunities" from around the world.
"The strategy's broad investment parameters will allow it to access a wide range of public and private investment opportunities to meet its income target. The attributes of a listed structure will enable it to target less?liquid debt opportunities, a universe not typically available in daily?priced investment structures," PIMCO said.
"This multi?sector approach has allowed PIMCO to achieve income objectives for clients without relying as heavily on the higher?yielding sectors common to many other income strategies."
The new trust is set to be managed by group chief investment officer Dan Ivascyn, managing director and co-head of Asia-Pacific portfolio management Rob Mead and managing director and portfolio manager Alfred Murata.
Adrian Stewart, head of PIMCO Australia, said: "PIMCO has a long track record of delivering for clients in our global listed closed?end funds, and we are pleased to be able to bring this expertise to the Australian market. Our discussions with advisers and brokers have confirmed there is genuine market demand for our offering."
Stewart said the investment manager has been growing its footprint in Australian over the last 20 years, providing a range of investment solutions to institutional and retail investors.
"The launch of our first listed vehicle will allow an even broader range of investors to access PIMCO's significant expertise and competitive advantage in this space," he said.
PIMCO confirmed it has appointed its joint lead arrangers and is close to finalising the syndicate to support the raise.
Full details of the trust and syndicate are expected to be available by early 2020.