Pimco Advisors Wins OK for Partial Sale

Newport Beach asset manager Pimco Advisors Holdings LP said Friday it has received majority approval from unit holders to complete the $3.3-billion sale of 70% of the company to Allianz AG in Munich, Germany. The transaction is expected to close Friday. Pimco is one of the largest investment management companies in the United States, with more than $260 billion in assets under management.