00:00Laura just put this into context for us. What does this allow PIMCO to do in terms of accessing new customers. It allows them to expand on what they've already been trying to expand on what they already have capabilities in which is asset based lending. There's huge demand right now from investors for this type of financing because it's guaranteed against hard assets or financial assets which gives investors a lot of reassurance that the collateral is there should things go a little bit already. So within this strategy strategy that PIMCO is expanding into
00:29it is backed by things like aircraft student loans credit cards digital infrastructure. So that's some of the main bulk of the lending. Yeah. And about a third of the investors that it's bringing on are new to PIMCO. So this is also about expanding its base overall. Talk a little bit about its growing presence in the alternative space. So they have had this presence within alternatives since the financial crisis and particularly within mortgage loans.
00:59They have been building out this capability. And yeah, as you said, a third of the investors were new. So we've seen inflows from insurance and from wealth and retail investors. The latter is a really big hot market right now for big alternative managers. A lot of the time, you know, pensions and other institutional managers are capped and don't want to invest any more.
01:22So they're seeing the retail and wealth space as a huge opportunity. There's a real race on Wall Street right now for everyone to capitalize on that. And who are the folks who will be leading this asset-based financing business? What can you tell us about the people behind it?
01:37So it's Don Iverson's team and the specialty finance team based both in Newport and in New York. And again, they've been growing that team out to further enhance some of their capabilities.
01:49Oh, yeah.
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