NEWPORT BEACH, Calif., Feb. 1, 2001 (PRIMEZONE) -- PIMCO, one of the world's premier fixed income managers, announced today that it would be sponsoring a global investing essay contest.
The fixed income fund-management company, already well known for its innovative approach to investing, has come up with a unique way of tapping into still more new ideas - an essay contest on "global investing," with prizes of up to $5,000 for the winners.
PIMCO is inviting university students, faculty members, professionals and practitioners to submit essays of up to 2,000 words. Suggested topics include global investment economics, multi-currency asset allocation and crisis dynamics/management.
Winners in each of the four categories - students at the doctoral level, masters level and undergraduate level, as well as faculty members and practitioners -- will receive $1,000 prizes. The Grand Prize winner will receive a $5,000 award. Just as important, they may also see their ideas put to work for the benefit of PIMCO's clients.
"We're casting our nets wide, planting seeds in fertile soil, even putting some bait on our hook," said Bill Gross, PIMCO founder and avid essayist. "Forget the wishy-washy; forget the conventional wisdom; forget being exactly wrong; make your readers smile. Make them think."
Gross will serve as chair of the essay contest selection committee. The panel of judges also includes Alberto Giovannini, former Ministry Chairman for the Italian Treasury, and Peter L. Bernstein, author of "Against the Gods," one of Business Week's top 10 business books of the year for 1996.
While judging will be fully discretionary, important criteria will include originality, creativity, clarity, impact and relevance.
The essay contest brings all sorts of potential benefits to PIMCO, said John Brynjolfsson, portfolio manager of PIMCO's Real Return Bond Fund. In addition to ferreting out interesting new investment ideas, the contest should also raise awareness of the global transformation of fixed income investing - among the next generation of financial professionals.
PIMCO is already home to many of the world's smartest bond professionals. But like any human organization, it has to "avoid stagnation and group-think," Brynjolfsson noted. Inviting in new ideas provides the company with a sense of "fun - and intellectual stimulation."
The essays must be received by PIMCO on or before June 1, 2001. Early submissions are encouraged.
Full information is available on the Internet at www.pimco.com/contest. Ad promoting the contest will run in the Journal of Finance and other academic and financial publications.
With more than $210 billion in fixed income assets under management, PIMCO is one of the world's leading fixed income fund management companies. Founded in 1971 and based in Newport Beach, Calif., the company is majority owned by Munich-based Allianz Group, a leading global insurance company with nearly $600 billion in assets and represented in 70 countries around the globe. In addition, PIMCO manages a family of 64 stock and bond mutual funds available to both retail and institutional investors.
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