PIMCO to acquire GURTIN Municipal Bond Management

The financial services provider PIMCO, owned by ALLIANZ said that it has agreed to acquire GURTIN Municipal Bond Management - a specialist municipal bond manager.

Combined, PIMCO and GURTIN will manage USD 38 billion in dedicated municipal bond assets and offer clients a more extensive and enhanced suite of strategies and services, backed by broader muni credit research, enhanced technology and outstanding client service.

"PIMCO's strategy is to grow mostly organically but we see exceptional value for clients in acquiring Gurtin, which is a premier muni investor with a like-minded culture that will enable us to provide clients with a more extensive and enhanced suite of muni strategies and services," said Emmanuel ROMAN, PIMCO's Chief Executive Officer. "We are investing in a broader and enhanced muni platform for clients which is backed by strong credit research and outstanding service."

The transaction is expected to close in the fourth quarter of 2018.

BofA Merrill Lynch acted as financial advisor and Latham & Watkins acted as legal advisor to PIMCO in connection with the transaction. Goodwin Procter acted as legal advisor to Gurtin in connection with the transaction.

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