Oh, Canada! A report
by CTV News says Pimco's Bill Gross
is looking to agressively make a run at retail Canadian investors sometime within the next few weeks.
Gross plans file with regulators for at least five mutual funds that would be launched in time for the registered retirement savings plan season, according to the article, citing anonymous sources. The new offerings are said to likely charge lower fees than their Canadian peers due to Pimco's vast scale.
Pimco [see profile
] has had a presence in Canada since 2004, but its efforts were mainly geared towards pension plans.
"I am not denying it, but I am not commenting on it," Pimco Canada president Stuart Graham told CTV News when asked about the mutual fund foray.
Pimco will compete with local giants such as Royal Bank of Canada
, which owns Phillips Hager & North Investment Management Ltd., and Toronto-Dominion Bank
, Capital Research
, Franklin Templeton
, and Brandes
were also mentioned in the article as established players in the the Canadian market.
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