PIMCO, the US-based global investment management giant which has more than $1.3trn (€950bn) in client assets under management, has become a signatory to the United Nations-backed Principles for Responsible Investment.
PIMCO, led by industry titans Bill Gross and Mohamed El-Erian, is a subsidiary of Germany-based insurance giant Allianz.
Allianz’s subsidiaries AllianzGI Investments Europe and Allianz Global Investors Korea Ltd. are already PRI signatories.
Gross manages the Total Return Fund, the world’s largest mutual fund with assets of around $240bn.The PRI, which is currently conducting a public consultation on the design of its new investor Reporting framework, now has 911 signatories – of which 524 are asset managers – who represent some $30trn in assets in total.
PIMCO is joining firms such as Legal & General Investment Management, Capital Group and T.Rowe Price as “mainstream” funds firm sign up to the PRI.
Earlier this month, parent Allianz announced a shakeup to its asset management business, unifying both Allianz Global Investors (AGI) and PIMCO within a holding company, while allowing them to retain their independence. The new firm, Allianz Asset Management, will be headed by Jay Ralph, who takes over from Joachim Faber.