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Pimco Takes Over Fund Sales From Allianz After Assets Surge

In a step toward more independence, Pacific Investment Management Co. is taking control of fund sales from parent Allianz SE after assets at the bond manager jumped sixfold since the takeover a decade ago.

Pimco is waiting for regulatory approval to open a broker-dealer and plans to transfer 170 salespeople from Allianz to sell its mutual funds in the U.S., Douglas Hodge, the chief operating officer of the Newport Beach, California-based investment company, said in an interview. The firm last year opened its first actively managed stock mutual fund, competing with managers such as Nicholas-Applegate Investment Management, which is also owned by Allianz.