NEWPORT BEACH, Calif., June 11, 1999 (PRIMEZONE) -- PIMCO Advisors Holdings L.P. (NYSE: PA) today announced the establishment of a new global division - PIMCO Global Advisors - which will lead PIMCO's world-wide effort to expand global marketing / servicing and investment research. The new division will also focus on product development and eventually portfolio management activities abroad. James Muzzy, a PIMCO co-founder and Managing Director, will head the division.
"Our objective is to build upon the success we are experiencing in Europe, Asia and Australia." In response to this success, PIMCO has opened offices in London, Singapore, Tokyo, and Sydney to service this growing book of business," said Mr. Muzzy. "Approximately $14 billion of PIMCO Advisors' assets are represented by offshore clients. PIMCO's strategic goal is to build a significant global presence over the next five years.
Mr. Muzzy, a senior member of PIMCO's investment group and a co-founder of the firm, has 35 years of investment experience. He was instrumental in building the firm's account management group which is considered to be an industry leader in delivering high level servicing to institutional clients.
In Japan, PIMCO recently introduced the country's first "fund of funds" pooled product. In Europe, PIMCO is currently managing $3 billion since opening its London office in the spring of 1998. The firm has also experienced inflows of nearly $150 million into its recently opened Dublin funds that were created for both retail and institutional offshore investors.
PIMCO Advisors is one of the largest investment management companies in the United States with more than $248 billion of assets under management. Led by its Pacific Investment Management and Oppenheimer Capital units, it is widely recognized for consistently posting attractive performance and high quality service to more than 1,600 institutional clients worldwide, including 42 of the nation's largest 200 corporations. In addition, PIMCO Advisors manages a family of 52 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 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. 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.