(Reuters) - PIMCO, a part of German insurer Allianz SE (ALVG.DE), on Tuesday said it will buy municipal bond manager Gurtin, and together manage $38 billion in dedicated municipal bond assets.
The deal will help the combined entity offer clients an extensive suite of strategies and services in the municipal bonds space, PIMCO said reut.rs/2DQWy85.
The deal is expected to close in the fourth quarter for 2018.
Gurtin Municipal Bond Management, which specializes in designing investment strategies especially for municipal bonds, will maintain its San Diego and Chicago offices, and its investment team will continue managing its funds and separate accounts.
PIMCO was advised by BofA Merrill Lynch, and legal counsel was provided by Latham & Watkins. Goodwin Procter acted as legal advisor to Gurtin.
Reporting By Aparajita Saxena in Bengaluru; Editing by Shailesh Kuber