Pimco Sells Off Its Columbus Circle Trust
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Money manager Pimco Advisors Holdings LP has sold its Columbus Circle Trust Co. to Orbitex Group, a 13-year-old company that manages mutual funds and offshore accounts. Financial terms weren’t disclosed.
The sale occurred before Allianz AG, Europe’s No. 2 insurer, agreed Sunday to buy majority control of Newport Beach-based Pimco for $3.3 billion.
Orbitex Group, which oversees $12 billion, said Stamford, Conn.-based Columbus Circle Trust manages about $1 billion in assets and provides administrative services for about $4.5 billion in funds. The unit, which employs 50 people, will be called Circle Trust.
Orbitex aims to sell shares to the public when the company hits $30 million in annual earnings before interest, taxes, depreciation and amortization, or operating cash flow. The company is now a quarter of the way there and plans to close the gap through internal growth and acquisitions.
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