Pimco to Buy Gurtin in Muni-Bond Push, Adding $12 Billion (1)

Pacific Investment Management Co. agreed to buy Gurtin Municipal Bond Management, a specialist overseeing about $12 billion in muni assets for high-net-worth investors.

Pimco, which oversees about $1.7 trillion, and Gurtin combined will manage $38 billion in municipal bond assets, the company said Oct. 2 in a statement. Terms of the acquisition, the first large purchase since Chief Executive Officer Emmanuel “Manny” Roman joined the firm in 2016, weren’t disclosed.

“Pimco’s strategy is to grow mostly organically but we see exceptional value for clients in acquiring Gurtin, which is a premier muni investor with a like-minded culture that will enable ...