Pimco will not make acquisitions as it seeks to expand its equities business, an executive of Allianz's bond fund managing unit told a German weekly on Saturday. The fund manager has been determined to push into equities as it aims to move into other asset classes in anticipation of an end to a three-decade long bond rally.But Pimco, perceived by many as a pure-play bond investor, has faced an uphill battle to gain traction in equities against established asset managers such as Blackrock or State Street.Allianz executives have repeatedly acknowledged in the past that the expansion into stocks was proving more difficult than expected.While rivals like Blackrock have used acquisitions to diversify beyond bonds, Pimco's strategy has been to hire managers and add strategies one at a time.
State Street Corporation (State Street) is a financial holding company. Shares of STT fell by 1.45% or $-1.12/share to $76.03. In the past year, the shares have traded as low as $62.67 and as high as $80.92. On average, 2119170 shares of STT exchange hands on a given day and today's volume is recorded at 2081694.
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