Pacific Investment Management Co. has shuttered a European money market fund, citing low interest rates, Dow Jones Newswires
The 80 million-euro (US$130 million) Pimco GIS Euro Liquidity Fund closed on Tuesday.
"Given the current economic environment, near-zero interest rates, credit concerns and market volatility, Pimco has decided to close the Pimco GIS Euro Liquidity Fund," a Pimco spokesman told the pub via an emailed comment.
The Wall Street giant has been moving away from providing in-house retail investment advice to finding ways it can support smaller firms.
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In the first three months of 2024, both profits and client assets reached new heights at RayJay's Private Client Group.
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Amid a busy April for big hires, compliance tech provider COMPLY and wealthtech platform TIFIN have brought on industry vets Michael Stanton and Jeannette Kuda, respectively, aiming for strategic growth.
