NEWPORT BEACH, Calif., Dec. 16, 1998 (PRIMEZONE) - The management board of PIMCO Advisors Holdings L.P. (NYSE:PA) today declared a distribution of $.57 per unit for the fourth quarter of 1998 compared with $0.55 per unit in the third quarter of 1998.
The fourth quarter distribution equates to an annualized distribution rate of $2.28 per unit, compared with $2.20 per unit for the third quarter of 1998 and $2.12 per unit for the first and second quarters of 1998.
"The decision to increase the distribution for the second consecutive quarter is evidence of our commitment to provide unitholders with participation in the company's steady, balanced growth," said PIMCO Advisors Chief Executive Officer William D. Cvengros.
"The board recognized that total assets under management at September 30, 1998, have increased more than 13 percent to $225.8 billion from $199.5 billion at year-end 1997. In addition, net cash in-flows, which were $15.6 billion through September 30, 1998, along with market appreciation, position the company to meet or surpass its strategic objective of 12 to 15 percent annual asset growth in 1998. Our balance of 64 percent fixed income and 36 percent equities under management is helping us to achieve this goal during these times of volatility in the markets," continued Mr. Cvengros.
The distribution reflects the Company's new policy announced last quarter to evaluate distributions on a quarterly basis. The distribution is payable on January 30, 1999, to unitholders of record on December 31, 1998.
PIMCO Advisors Holdings L.P., acting as a pass-through entity to the public, derives its income and operating profit available for distribution from its ownership of approximately 44 percent of the equity in PIMCO Advisors L.P., the operating company.
With $225.8 billion in assets under management at September 30, 1998, PIMCO Advisors is one of the largest investment management companies in the world. PIMCO Advisors is led by investment advisory units Pacific Investment Management Company and Oppenheimer Capital and is widely recognized for providing consistent performance and high quality service to more than 1,600 institutional clients worldwide, including one-third of the largest 200 corporations in the United States. PIMCO Advisors also manages the PIMCO Funds, a family of 52 stock and bond mutual funds available to both retail and institutional investors and PIMCO Global, with offices in London, Tokyo, Singapore and Sydney.
This release may contain certain forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding future asset growth, that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations. Please refer to the documents that the company files from time to time with the SEC.
Investor Contact: Kelli Powell
(800) 387-4626
Media Contact: Steve Hawkins
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