NEWPORT BEACH, Calif., Dec. 14, 1999 (PRIMEZONE) -- PIMCO Advisors Holdings L.P. (NYSE:PA) announced today that Chief Executive Officer William D. Cvengros will leave the Company upon the completion of the previously announced agreement for Allianz AG to acquire majority ownership of PIMCO Advisors, including all of the interests held at PIMCO Advisors Holdings L.P. The Allianz acquisition of PIMCO is subject to the approval of the public unitholders of PA Holdings, as well as to regulatory, client approvals and other customary conditions, and is expected to be completed by the end of the first quarter of 2000.
Mr. Cvengros, 51, will become the chief executive officer of PacketVideo Corporation, a privately held, San Diego-based company devoted to the development of software for multimedia transmission over wireless and wired networks. He is expected to assume the new position at the end of March, 2000.
"We thank Bill for his many contributions to PIMCO and we wish him well in his new career," said William S. Thompson, chairman of the PIMCO Advisors executive committee. "He was a leader in the formation of PIMCO Advisors and an important force in our successful growth."
"With the end of public ownership for PIMCO Advisors this is a logical turning point in my career," said Mr. Cvengros. "I am proud of our accomplishments at PIMCO, particularly our consistent asset growth since our launch in 1994 and the industry prominence of the PIMCO Funds. The combination with Allianz offers great value to our unitholders, capitalizing on this record."
PIMCO Advisors is one of the largest investment management companies in the United States with more than $256 billion of assets under management. Its investment advisor companies, led by Pacific Investment Management Company and Oppenheimer Capital, are widely recognized for consistently posting attractive performance and high quality service to more than 1,600 institutional clients worldwide, including approximately one-third of the largest 100 corporations in the United States. In addition, PIMCO Advisors and its subsidiaries manage a family of 53 stock and bond mutual funds available to both retail and institutional investors.
Except for the historical information and discussions contained herein, statements contained in this news release may constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO Advisors L.P.'s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Please refer to the reports that PIMCO Advisors Holdings L.P. files with the Securities and Exchange Commission, including but not limited to the company's annual report on form 10-K for the year ended December 31, 1998. PIMCO Advisors Holdings L.P. cautions readers to carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO Advisors Holdings L.P. undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.