Fund manager Pimco brings in Penrose

Pacific Investment Management Company (Pimco), the world's largest active bond fund manager, has taken on Penrose Financial, ending a five-year relationship with WMC Communications.

Pimco head of marcoms Anne Fairchild Jones said the company had brought in Penrose last month, following a three-way pitch also involving WMC.

The brief, which is believed to be worth £100,000, is to raise Pimco's profile in the UK and Europe.

'We're keen to make pension funds aware of the full fixed-income toolkit,' Fairchild Jones told PRWeek.

Pimco managed more than £144bn in 2000, but now manages more than £275bn worldwide, £20bn of this in continental Europe.

In recent years, falling stock market returns and the increasing liability of pensioners' longer life-spans has made fixed-income funds more popular with the trustees of pension funds.

A revival in share prices could mean that pension funds that are over-reliant in bonds would lose out on more attractive yields.

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