NEWPORT BEACH, Calif., June 6, 2005 (PRIMEZONE) -- PIMCO, one of the world's leading fixed-income fund-management companies with over $464 billion in assets, today announced the appointment of Mr. Ernest L. Schmider as President of PIMCO Funds.
As president of PIMCO Funds, Mr. Schmider, 47, will lead an organization that oversees 42 domestic fixed-income funds totaling $150 billion in assets. In addition, Mr. Schmider will continue to serve as PIMCO's Head of Fund Administration, which oversees $75 billion in offshore and specialty products.
Schmider, who joined PIMCO as Chief Administrative and Legal Officer in November 1994, has served in a variety of leadership roles at the company. Most recently, he was global head of Operations and Infrastructure at PIMCO. Schmider also has served as a member of the Executive Committee and as head of Corporate Communications and Public Affairs. From 2000 to 2002, Schmider led PIMCO's European fixed-income business in Munich as Chief Operating Officer of PIMCO Europe, a part of Allianz Global Investors. Mr. Schmider earned an A.B. Degree in philosophy in 1979 at Dartmouth College and his J.D. law degree in 1982 at Cornell Law School.
Schmider succeeds Mr. R. Wesley Burns, who since joining the firm in 1987, created, launched, and administered a diverse family of pooled fixed-income and fund specialty products with assets that now exceed half of PIMCO's total assets under management. Burns will remain at PIMCO in a senior consultant role to help continue a growth strategy that he effectively pioneered over the last 18 years. Mr. Burns will continue to serve as a trustee of the PIMCO Funds and a director of the PIMCO Commercial Mortgage Trust (PCM). Mr. Brent R. Harris continues to serve as Chairman of the Board of Trustees of PIMCO Funds and PCM, and a developer of PIMCO Fund's newer strategic market fund line.
About PIMCO
With more than $464 billion in fixed-income assets under management, 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.
PIMCO Funds are distributed by Allianz Global Investors 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.