Allianz Asset Management Appoints Executive

Newport Beach, California, UNITED STATES


NEWPORT BEACH, Calif., April 12, 2001 (PRIMEZONE) -- Allianz Asset Management (AAM), a member of the Allianz Group -- one of the world's leading insurance and financial services groups -- is pleased to announce the appointment of David Flattum to a senior executive role.

Flattum, a former partner at Latham & Watkins, has joined AAM as Managing Director, Head of U.S. Corporate Services and U.S. General Counsel. He is based in Newport Beach, headquarters of PIMCO and the AAM U.S. Corporate Services group.

As the Head of U.S. Corporate Services, Flattum is responsible for finance/controlling, legal/compliance, human resources and information technology services. Flattum, who joined Latham & Watkins in 1990, practiced in the areas of mergers and acquisitions and corporate finance. He represented PIMCO in its May 2000 acquisition by the Allianz Group.

"Because of his long association with our company, David has in-depth knowledge of our business, and the trust and confidence of our key employees," said Kenneth Poovey, AAM's Chief Operating Officer. "I am confident he will make a significant contribution to our continuing success."

Flattum, 36, has served as outside counsel to PIMCO since 1993. A 1990 graduate of Yale Law School, he has a B.A. in philosophy and a B.S. in electrical engineering from the University of Southern California.

With more than $700 billion in assets and operations in 70 countries, the Allianz Group is one of the world's largest insurance and financial services companies. In the United States, AAM manages more than $300 billion in assets through PIMCO, Nicholas-Applegate Capital Management and Oppenheimer Capital, and distributes PIMCO Funds.

Except for the historical information and discussions contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Form 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 AAM'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. AAM undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.



        

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