NEWPORT BEACH, Calif., June 23, 1999 (PRIMEZONE) -- Columbus Circle Investors and PIMCO Advisors (NYSE: PA) announced today that they have reached a definitive agreement for PIMCO Advisors to withdraw as a partner from the Columbus Circle partnership, resulting in Columbus Circle's current management becoming the sole owners of Columbus Circle Investors. The transaction is contingent on the approval of Columbus Circle's clients.
As part of the transaction, PIMCO Advisors will retain a revenue interest that will result in quarterly payments from Columbus Circle for a period of time. At recent revenue levels, these payments would approximate PIMCO Advisors' current share of profits. PIMCO Advisors expects the transaction to be completed by June 30, 1999.
Separately, Columbus Circle Trust Company, a wholly owned subsidiary of Columbus Circle, will be transferred to PIMCO Advisors at the closing of the Columbus Circle transaction.
Columbus Circle currently manages approximately $4.5 billion of the more than $248 billion under management at PIMCO Advisors.
PIMCO Advisors is one of the largest investment management companies in the United States. 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.