NEWPORT BEACH, Calif., June 15, 1999 (PRIMEZONE)- PIMCO Advisors Holdings L.P. (NYSE: PA) today announced its distribution declaration of $0.58 per unit for the second quarter of 1999 payable July 30 to holders of record on June 30. This compares with $0.53 in the second quarter of 1998 and $0.58 for the first quarter of 1999. On an annualized basis, the second quarter of 1999 distribution equates to $2.32 per unit compared with $2.12 per unit in the second quarter of 1998.
"Our second quarter distribution is supported by strong net inflows in our PIMCO Funds complex, together with reduced outflows in our value equity products," said William D. Cvengros, PIMCO Advisors' Chief Executive Officer. "It also reflects the offsetting impacts of increasing bond yields and expectations for lower performance fees than generated over the past two years."
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.
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 providing high quality service to more than 1,600 institutional clients worldwide, including nearly one-third of the nation's largest 200 corporations. In addition, PIMCO Advisors manages a family of 50 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.