Pacific Investment Management Company, or PIMCO, a subsidiary of Allianz Global Investors, has filed to launch a new institutional money market fund, `PIMCO Money Market Fund P. The fund will be managed by Paul McCulley, will have a minimum investment of $5 million, and will have an expense ratio of 0.42%.

The new fund, "Seeks maximum current income, consistent with preservation of capital and daily liquidity," according to its SEC filing (available via Simfund PIMCO MMF P will be distributed by Allianz Global Investors. The transfer agent is National Financial Data Services and the custodian is State Street Bank And Trust.

Though a giant in the bond mutual fund space, PIMCO has been surprisingly absent from the short-term and money market mutual fund sector. The company ranks 82nd out of 83 money fund managers, and advises a mere $206 million in money fund assets via its PIMCO Money Market Inst, according to our latest Money Fund Intelligence XLS. (The company also offers a $437 million retail fund, PIMCO Money Market Fund A, but this fund doesn't report to Crane Data.)

Note: In other news, Peter Rizzo from S&P tells us, "Please note that based on the positive developments regarding Bear Stearns (pending acquisition by JPMorgan A-1+ and support by the Fed), S&P's Fund Ratings Group has determined that rolling overnight repo with Bear Stearns in S&P rated funds is consistent with our money market fund criteria (a.k.a. principal stability fund) and fund credit quality ratings criteria."

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