Pimco Advisors, LP of Newport Beach, Calif. has agreed to sell one of its subsidiaries, Columbus Circle Trust Co. of Stamford, Conn., to Orbitex Financial Services Group. Terms of the deal, announced Nov. 2, were not disclosed.
The acquisition gives Orbitex of New York, the adviser to the Orbitex Group of Funds, a presence in the defined contribution and institutional money management business, said Richard Stierwalt, co-chairman and president of Orbitex, in a statement.
Circle Trust has more than $5.5 billion in assets under management and administration. With the Circle Trust acquisition, Orbitex will have $12 billion in assets under management and administration.