NEWPORT BEACH, Calif., March 5, 2003 (PRIMEZONE) - PIMCO (NYSE:PCM), one of the world's leading fixed-income managers, is pleased to announce the promotion of three employees to the position of managing director.
John B. Brynjolfsson, CFA, a portfolio manager, heads PIMCO's real return practice and manages the real return flagship fund, the PIMCO Real Return Fund. Mr. Brynjolfsson, 38, joined the firm in 1989 and has 17 years of investment experience. A frequent contributor to national and international print and broadcast media, he co-authored two books on inflation-index bonds and recently testified before the House Financial Services Committee on deepening the global insurance markets for catastrophic risks. Mr. Brynjolfsson holds a bachelor's degree in physics and mathematics from Columbia College and an MBA in finance and economics from the MIT Sloan School of Management.
Douglas M. Hodge, CFA, Director of Asia Pacific, oversees PIMCO's business activities throughout that region. Mr. Hodge is a member of PIMCO's global investment strategy and portfolio groups. He joined the firm in 1989, previously having been associated with Salomon Brothers. He has 19 years of investment experience, and holds a bachelor's degree in economics from Dartmouth and an MBA from the Harvard Business School.
Sudi Mariappa, portfolio manager, is the head of portfolio management for PIMCO's global portfolio strategies. Prior to joining PIMCO, he served as managing director for Merrill Lynch in Tokyo as manager of Japanese Government Bonds and Swap Derivative Trading. Mr. Mariappa's prior experience also included positions at Sumitomo Finance International PLC, Long Term Capital Management, and Salomon Brothers in San Francisco and Tokyo, where he was Director of Fixed Income Arbitrage. He holds both a bachelor's degree in chemical engineering and an MBA from Cornell University.
"All three of these executives have excelled in their fields," said William S. Thompson, PIMCO's Chief Executive Officer.
Other promotions announced by PIMCO: Brian P. Baker, Dwight F. Holloway, Jr., Lew W. Jacobs IV, Curtis A. Mewbourne II, Kumar N. Palghat, Bradley W. Paulson, Elizabeth M. Philipp, and Seth Ruthen were promoted to the position of Executive Vice President.
Adam Borneleit, Suhail H. Dada, Craig A. Dawson, Marcellus M. Fisher, G. Steve Gleason, Andre J. Mallegol III, John M. Miller, Scott A. Millimet, Shigeki Okamura, N. Keith Perez, and Steve Rodosky were promoted to the position of Senior Vice President.
With more than $304 billion in fixed-income assets under management in the United States, PIMCO is one of the world's leading fixed-income fund-management companies. Founded in 1971 and based in Newport Beach, California, 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.
The PIMCO Real Return Fund invests at least 65% of its total assets in inflation-indexed bonds of varying maturities. The Fund may also invest up to 20% in foreign securities, which may entail greater risk due to foreign economic and political developments; up to 10% in high-yield securities which generally involves greater risk to principal than investment in higher-rated securities; and in derivatives and mortgage related securities. This Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund.
For additional details on the Fund, contact your financial advisor to receive a current prospectus that contains more complete information, including charges and expenses. Please read the prospectus carefully before you invest or send money. An investment in a (the) fund is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. In addition, it is possible to lose money on investments in a (the) fund. PIMCO Advisors Distributors LLC, member NASD, 840 Newport Center Drive, Newport Beach, CA 92660, (800) 927-4648.
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.