WESTPORT, Conn., Sept. 21, 2000 (PRIMEZONE) -- PIMCO Specialty Markets LLC today introduced a new investment management service to provide high quality institutional fixed income management to limited discretion portfolios of North American insurance companies.
PIMCO Specialty Markets, a registered investment advisor, is owned by PIMCO Advisors LP and Allianz of America. PIMCO Specialty Markets utilizes PIMCO's macroeconomic view of the fixed income markets and draws on Allianz of America's investment team for investment decisions and processing. With $23 billion under management, Allianz of America is a leading specialist in managing equity and fixed income for insurance companies.
"Insurance company investment officers face the challenges of trying to outperform market benchmarks while being constrained by numerous structural, tax and accounting considerations as well as state regulations," said David P. Marks, a managing director of PIMCO Specialty Markets and chief investment officer of Allianz of America.
"As of June 30, 2000, our fixed income composite has outperformed its benchmark for all 66 rolling three-year periods since inception," Marks continued, "despite the variety of constraints imposed on the portfolios we manage. Partnering with PIMCO enables us to access their highly regarded research, analysis and innovation in offering this service to other insurance companies."
"This partnership is a model for entering specific strategic markets with Allianz," said Brent R. Harris, a managing director of PIMCO Specialty Markets as well as PIMCO, based in Newport Beach, California. "Our joint business already has committed significant resources to offer insurance companies outstanding performance and superior service along with a proven specialization in insurance investment management. We are confident this will be an attractive and growing business for us."
PIMCO Specialty Markets, with approximately $300 million in assets under management, is a joint business of Allianz of America and PIMCO Advisors L.P. PIMCO is based in Newport Beach, California and is one of the world's leading fixed income management firms. Allianz of America, based in Westport, Connecticut, is a unit of Allianz AG, a European-based insurance and financial services holding company, which acquired a controlling interest in PIMCO in May 2000. Allianz AG manages nearly $670 billion in assets in 70 countries around the world, including nearly $200 billion managed by PIMCO.