Vote on Pimco-Allianz Deal Delayed
Pimco Advisors Holdings LP has postponed a vote on the sale of a majority stake to Germany's Allianz AG, reportedly because the Securities and Exchange Commission had not approved the proxy in time. Munich-based Allianz agreed Oct. 31 to pay about $3.2 billion for 70% of the Newport Beach., Calif., company, which has more than $260 billion of assets under management.Pimco shareholders were to vote on the deal March 24, but the SEC did not clear the proxy in time for mailing to them, according to Linda Varoli, an analyst with Merger Insight of New York. The deal will probably go through anyway, she said, but there is always concern when the process drags on.
The meeting has been rescheduled for April.
N.Y.'s Alliance Capital Reaches into Taiwan
The Australian arm of Alliance Capital Management has taken a minority stake in a new asset management firm in Taiwan.Far Eastern Alliance Asset Management Corp., based in Taipei, was formed in January and plans to launch and manage mutual funds for Taiwanese investors, an Alliance spokesman said. The venture is the New York fund company's first foray into Taiwan.
Far Eastern is 20% owned by Alliance Capital Management Australia; 20% by Sun Hung Kai Properties Ltd., a Hong Kong-based property manager; and 60% by Far Eastern International Bank of Taipei. Hiring a staff and launching Far Eastern Alliance's first mutual funds could take a year to 18 months, the Alliance Capital spokesman said. It was managing $368 billion of assets on Dec. 31.
Web-Only Banks Score with Investors
Internet-only banks have the edge over ordinary ones - even those that offer on-line banking - when it comes to selling investment products, a survey suggests.Two hundred seven people, all of whom at least look at their bank's Web site, were polled. Almost 40% of the 40 using an Internet-only bank said it was a good place to buy investments such as mutual funds and stocks.
The other 167 respondents bank at ordinary branches but view their Web sites at least occasionally. Only 19% of these people said their bank was a good place to buy investments.
Part of the discrepancy comes from the alliances that Internet-only banks have formed with well-known brokerage forms, said a spokeswoman for Stern Marketing Group of Berkeley, Calif., which conducted the poll in late January and early February.
- Compiled by Cheryl Winokur
