PIMCO Adds Additional Portfolio Management Expertise to High-Grade Corporate Desk

Experienced High Grade Manager Shannon Bass Will Join PIMCO

Newport Beach, California, UNITED STATES

NEWPORT BEACH, Calif., Feb. 22, 2001 (PRIMEZONE) - PIMCO, one of the nation's leading fixed-income fund-management companies, is pleased to announce the hiring of Shannon Bass as Senior Vice President and portfolio manager on its high-grade corporate desk.

Bass, most recently a Managing Director at Lehman Brothers in New York, will join PIMCO later this month.

Bass' hiring is "another building block in PIMCO's strategy to add depth, breadth and have unrivaled expertise to all our specialty areas," said Bill Powers, PIMCO Managing Director. "Mr. Bass complements a long list of experienced and talented PIMCO professionals and specifically demonstrates PIMCO's commitment to the credit area."

In 1998 and 1999, working in Lehman Brothers' San Francisco office, Mr. Bass was ranked as the company's top corporate bond salesman. From 1996 through 2000, he led the San Francisco high-grade sales team to a more than fourfold increase in production.

At PIMCO, Bass will work alongside veteran PIMCO trader Mark Kiesel, supplementing the company's strength in corporate trading, Powers said.

In addition to Lehman Brothers, Bass served as a Vice President at JP Morgan in San Francisco and as an associate at the firm's New York office. He received a Bachelor of Science from the University of California at San Diego and a Masters in Business Administration from New York University's Stern School of Business.

Founded in 1971 and based in Newport Beach, California, PIMCO has more than $220 billion in fixed-income assets under management. The company is majority owned by Munich-based Allianz Group, a leading global insurance company with over $600 billion in assets and represented in 70 countries around the globe.

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 may 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's sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.


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