Pimco to Sell Columbus Circle to Managers

Pimco Advisors Holdings agreed to sell its Columbus Circle Investors Inc. unit to the firm’s executives, who had been negotiating for several months. Terms weren’t disclosed, though Newport Beach-based Pimco said it will share in Columbus Circle’s revenue and will be paid quarterly “for a period of time.” Stamford, Conn.-based Columbus Circle invests about $4.5 billion in stocks, mostly for institutional clients. Pimco, the third-largest publicly traded U.S. fund company, with about $248 billion in assets, has been focusing on its two biggest units, Pacific Investment Management Co. and Oppenheimer Capital, and on expanding its mutual fund business. Pimco shares rose 6 cents to close at $29.88 on the New York Stock Exchange.