NEWPORT BEACH, Calif., Jan 23, 2002 (PRIMEZONE) -- PIMCO, one of the world's leading fixed-income managers, is pleased to announce the promotion of three employees to the position of Managing Director.

James M. Keller, a portfolio manager, serves as the head of PIMCO's Government/Derivatives desk and manages PIMCO's long duration funds. Mr. Keller, 37, joined the firm in 1996, having been previously associated with Merrill Lynch, Inc., where he worked as a derivatives trader. He has also been a member of the Chicago Board of Trade and the Chicago Mercantile Exchange. Since 2000, Mr. Keller has served on The U.S. Treasury Borrowing Advisory Committee. Mr. Keller, who has 14 years of investment experience, holds a bachelor's degree from the University of Illinois and an MBA from the University of Chicago Graduate School of Business.

Raymond G. Kennedy, CFA, is a portfolio manager and a senior member of PIMCO's investment strategy group. He also manages High Yield funds and oversees bank loan trading and collateralized debt obligations. Mr. Kennedy, 40, joined the firm in 1996, having previously been associated with the Prudential Insurance Company of America as a private placement asset manager, responsible for investing and managing a portfolio of investment grade and high yield, privately placed fixed income securities. Prior to that, he was a consultant for Andersen Consulting in Los Angeles and London. He has 14 years of investment management experience and holds a bachelor's degree from Stanford University and an MBA from the Anderson Graduate School of Management at the University of California, Los Angeles.

Richard MacCoy Weil, 38, became Chief Operating Officer of PIMCO in August 2000. He had been associated with PIMCO's holding company, PIMCO Advisors L.P., since 1996. Mr. Weil was named General Counsel in 1999, and was appointed PIMCO Advisors' Managing Director, Director of Corporate Services and General Counsel in 2000. Mr. Weil came to PIMCO from the Global Asset Management Group of Bankers Trust Company and had been associated with the law firm of Simpson, Thatcher & Bartlett. Mr. Weil received his Bachelor of Arts degree in Economics from Duke University and his Juris Doctor degree from the University of Chicago.

"All three of these executives have excelled in their respective fields," said William S. Thompson, PIMCO's Chief Executive Officer. "It's just this sort of expertise, put to work on behalf of our clients, that has made PIMCO one of the world's leading asset managers."

Founded in 1971 and based in Newport Beach, California, PIMCO has more than $240 billion in fixed-income assets under management in the United States and an additional $100 billion in insurance-based assets under management in Europe. The company is majority owned by Munich-based Allianz Group, a leading global insurance company with nearly $1 trillion in assets and represented in 70 countries around the globe.

Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may 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's sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

PIMCO, Newport Beach
Mark Porterfield
(949) 720-6397

Hill and Knowlton
Scott Fagerstrom
(949) 223-2313