NEWPORT BEACH, Calif., July 14, 2000 (PRIMEZONE) -- Pacific Investment Management Company ("PIMCO"), the fixed-income unit of Allianz AG (EURO:ALV), announced today that Brent R. Harris, PIMCO Managing Director and PIMCO Funds Chairman, has been named co-head of its global division, PIMCO Global Advisors.
Mr. Harris, 40, will co-manage the burgeoning growth of the company's distribution of products and services abroad with James F. Muzzy, PIMCO Managing Director and PIMCO co-founder. PIMCO Global focuses on fixed-income product development, distribution and portfolio management activities around the world.
PIMCO also announced today the appointment of Sudesh (Sudi) Mariappa as Executive Vice President and head of portfolio management - Asia. In this newly created position, Mr. Mariappa is responsible for PIMCO's new trading and portfolio management group in Japan. Prior to starting in Tokyo, Mr. Mariappa will work in Newport Beach.
"Over the past five years, our offshore assets under management have grown on the average of over 40 percent per year and over 15 percent of our clients are currently offshore," said Mr. Muzzy. "These appointments strengthen the foundation of success we have already built in Europe, Asia and Australia."
In addition to dividing executive management responsibilities with Mr. Muzzy, Mr. Harris will be responsible for global strategic planning, new business line analysis, and management of certain joint ventures and strategic alliances with Allianz Asset Management.
"Brent brings nearly 20 years of investment management experience to PIMCO Global," said William S. Thompson, PIMCO's Chief Executive Officer and Managing Director. "His experience will be invaluable as we review and enter new business opportunities worldwide as a result of PIMCO's growing fixed-income reputation and the Allianz acquisition."
Mr. Harris received a bachelor's degree from Claremont McKenna College and a masters of business administration from Harvard Business School.
Prior to joining PIMCO, Mr. Mariappa, 40, was a Managing Director for Merrill Lynch, Tokyo. He was also employed by Sumitomo Finance International PLC and Long Term Capital Management and Salomon Brothers in San Francisco. He holds a bachelor of science degree in chemical engineering and a masters of business administration degree from Cornell University. In his newly created position, Mr. Mariappa will report to Bill Gross, PIMCO Founder, Managing Director and Chief Investment Officer.
PIMCO, with more than $200 billion under management, is based in Newport Beach, California. It is a subsidiary of the Munich-based Allianz Group which is a leading global insurance company that is represented in 70 countries around the globe.