Pimco Shares Hit High on Rumor of Sale Talk

Shares of Pimco Advisors Holdings LP moved up almost 6% to a record Friday on speculation that the third-biggest publicly traded U.S. money manager is moving ahead on plans to sell all or part of its business.

Newport Beach-based Pimco’s stock rose $2 to $36.44 after hitting $37.50 earlier in the session. The stock has gained 12% the last two days and almost 25% since July 6, when Allianz AG, Europe’s second-biggest insurer, said it has held talks with several companies, including Pimco, to bolster its presence in the United States.

“The rumor of a sale is going to stick around,” said Benjamin Wei, an analyst at Crowell, Weedon & Co.

For its part, Pimco “has nothing to announce,” said Ernest Schmider, the firm’s senior vice president. A spokesman for Allianz, which is headquartered in Munich, declined to comment.

Allianz wants to expand in the United States as part of its strategy of becoming one of the top five insurers in the world’s major markets. It also wants to build its asset-management business.

Pimco wants to expand sales of its funds outside the United States. Pimco had $254.6 billion in assets under management at the end of June, including $15 billion, or 6%, that’s managed for clients outside the United States.

The goal is to boost that total to 20% over three to five years, Pimco Chief Executive William Cvengros said last month.