NORWAY - PIMCO Europe has bagged a mandate from the Oslo Pensjons Forsikring to establish and manage a US$220m global bond portfolio for the city's employee pension fund.
This latest win brings PIMCO's total funds under management in the Nordic region to US$1.6bn.
The Luxembourg-domiciled fund is denominated in Norwegian Krone, and has been designed specifically for the Norwegian market, complying with Bank of International Settlement (BIS) rules. This means that investment strategy will be risk averse.
According to Peter Lindgren, PIMCO's sales director for the Nordic region, the award demonstrated Norwegian investors’ growing appetite for global bond products.
The Oslo fund has approximately 20,000 members
California-based PIMCO has over US$240bn in fixed-income assets in the US and an additional US$100bn in insurance-based assets in Europe. The company is majority owned by German insurer, Allianz.
By Madhu Kalia
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