Pimco Seeks to Buy Stake in Oppenheimer

Pimco Advisors, one of America’s largest bond fund managers, confirmed that it is negotiating to buy a stake in Oppenheimer Capital, a deal that would create one of the nation’s largest investment management firms. It would also mark a major shift into stocks for Pimco, a Newport Beach-based firm that manages more than $110 billion of investments, the majority of which are bonds. Oppenheimer is a publicly traded New York firm that manages more than $48 billion in assets, most of which are stocks, for large institutions, private funds and wealthy individuals. Pimco confirmed a Wall Street Journal report that it is negotiating to buy Oppenheimer Financial Corp.’s 33% managing general partner interest in Oppenheimer Capital. Pimco’s shares jumped 50 cents to close at $24.50 in New York Stock Exchange trading, and Oppenheimer Capital’s shares fell 50 cents to $37.875.