NEWPORT BEACH, Calif., Jan. 11, 2000 (PRIMEZONE) -- PIMCO Advisors Holdings L.P. (NYSE:PA) announced today that its largest investment unit, Pacific Investment Management Company, will significantly expand its municipal bond management capabilities with the appointment of Mark V. McCray, former vice president, Goldman, Sachs & Co., as senior vice president and municipal bond portfolio manager.
Mr. McCray, 33, will manage PIMCO's four municipal bond funds -- the PIMCO Municipal Bond Fund and three new funds introduced last year: the California Intermediate Municipal Bond Fund, the New York Intermediate Municipal Bond Fund, and the Short-Duration Municipal Income Fund.
In his newly created position, Mr. McCray reports to Chris Dialynas, PIMCO managing director and portfolio manager. "Mark has been hired to manage the continuing expansion of PIMCO's municipal bond management capabilities," said Mr. Dialynas. "His unique set of skills and experience spans the municipal bond cash market, the futures and options markets as well as the municipal swap market.
"Mark's risk management experience, combined with PIMCO's existing resources and reputation in the fixed income market will enable us to offer a new style of total return management in the municipal bond market," said Mr. Dialynas.
Mr. McCray is a former vice president, co-head of municipal bond trading with Goldman, Sachs & Co., New York, where he was responsible for risk and profit and loss measurement and reporting for the institutional, retail and proprietary business, while supervising the daily activity and risk positions of seven traders.
He is a former financial analyst for the Merrill Lynch Capital Markets Mergers and Acquisition Group and a graduate of Temple University with a bachelor's degree in business administration, and the Wharton School, University of Pennsylvania, with a master's degree in business administration.
"Mark's addition will extend PIMCO's growth as we expand our presence in corporate cash management, management of nuclear decommissioning trusts, and management of insurance company assets," said William S. Thompson, managing director and chief executive officer of PIMCO. "We also intend to make strategic allocations, from time to time, into the municipal bond market to supplement the performance of our existing client portfolios."
PIMCO Advisors is one of the largest investment management companies in the United States with over $256 billion of assets under management. Its investment advisor subsidiaries, led by Pacific Investment Management Company and Oppenheimer Capital, are widely recognized for consistently posting attractive performance and providing high quality service to more than 1,600 institutional clients worldwide, including one-third of the nation's largest 100 corporations. In addition, PIMCO Advisors manages a family of 54 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.