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Pimco in Talks on Managing Commercial Paper Fund
Topics:Banking
Sectors:Financial Services | Banks
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The Federal Reserve Bank of New York said on Wednesday that it is in discussions with Pimco regarding asset management services in support of the Commercial Paper Funding Facility.
The CP facility aims to complement the Fed's existing credit facilities to help provide liquidity to term funding markets, the Fed said in a statement.
The New York Fed said it has and will continue to consult with market participants on the operational aspects of the facility.
"Pimco is honored to be considered for asset management services for the Commercial Paper Funding Facility," said Mark Porterfield, spokesman at Pimco.
Pacific Investment Management Co, or Pimco, a unit of German insurer Allianz, oversees more than $812 billion in assets.
Copyright 2008 Reuters. Click for restrictions.
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