Pimco O.C. Unit to Manage Transferred Bond Portfolios
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NEWPORT BEACH — A Connecticut money manager owned by Pimco Advisors LP is closing its $1.2-billion fixed-income management business to focus on overseeing $11.2 billion in equities.
Columbus Circle in Stamford plans to shut down its bond business over the next few months, said Christopher Burnham, the Connecticut company’s chief executive. “I considered managing fixed income a diversion from what we do best,” he said.
Pimco and Columbus are making arrangements to transfer the business to Pimco’s bond management subsidiary in Newport Beach, which handles $112 billion in fixed-income securities, said Ernest L. Schmider, a Pimco executive vice president. Ultimately, though, the decision to stay with Pimco will be up to the customers, all of whom are institutional investors.
“We think this is a logical thing,” Schmider said. “We hope management of the assets will wind up where it makes the best sense in our structure.”
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