NEWPORT BEACH, Calif., Feb. 2, 2000 (PRIMEZONE) -- PIMCO Advisors Holdings L.P. (NYSE:PA) announced today that its largest investment unit, Pacific Investment Management Company, will expand its client servicing capabilities and marketing programs in the Asia-Pacific region with the appointment of Douglas M. Hodge to the newly created position of director of the Asia-Pacific Region.
Mr. Hodge, 43, an executive vice president and senior member of PIMCO's investment strategy and global portfolio groups, will manage all marketing and client servicing for PIMCO in the Asia-Pacific Region. He reports to James Muzzy, PIMCO co-founder, managing director, and head of PIMCO Global Advisors.
"Doug has been instrumental in the successful expansion of PIMCO's Asia- Pacific marketing program during the past seven years," said Mr. Muzzy. "His appointment to this new position is recognition of both his unique set of skills and experience and PIMCO's strong commitment to expand distribution of investment products and services in the Asia-Pacific market."
PIMCO's Asia-Pacific assets under management totaled approximately $5.6 billion at year-end 1999. Internationally, PIMCO's assets managed for non-U.S. clients increased approximately 30 percent to an estimated $12.3 billion at December 31, 1999 compared with $9.5 billion at year-end 1998.
"The global markets, particularly Asia, present terrific growth opportunities for the world's best investment managers," said William S. Thompson, managing director and chief executive officer of PIMCO. "PIMCO has long had a presence in Asia, both as investor and investment manager, and our further commitment of people and resources represents a strategic investment in the region's future."
Mr. Hodge began his career at PIMCO nearly 11 years ago as an account manager. He is a former vice president with Salmon Brothers where he was an international fixed-income trader.
A Chartered Financial Analyst, he received a master's degree in business administration from Harvard Business School and graduated from Dartmouth with a bachelor's degree in economics.
PIMCO Advisors is one of the largest investment management companies in the United States with over $260 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.