TOKYO, Oct. 29, 2001 (PRIMEZONE) -- PIMCO, one of the world's leading fixed-income fund-management companies, is pleased to announce new personnel changes that will significantly enhance its presence in Asia.
Douglas M. Hodge, currently an executive vice president with PIMCO, is being promoted to Head of Asia/Pacific, a new position for the company. Makoto Takano, most recently an executive vice president at Goldman Sachs, will become President of PIMCO Japan. Both will be based in the company's Tokyo office.
"These are high caliber executives," said Brent R. Harris, PIMCO Managing Director and co-head of PIMCO Global. "They will further build PIMCO's investment management franchise over the major Asian markets, with additional commitments to our Japanese operation." PIMCO, which has long considered Japan one of its most important markets outside of the United States, already has $11 billion in Asian assets under management, with more than $5 billion of that amount in Japan. The company is now extending its reach in the Japanese market, as well as developing new products to meet the unique needs of Japanese investors.
Mr. Hodge, 44, will take over his new position beginning today. He will report to Mr. Harris and to James F. Muzzy, PIMCO Managing Director and co-head of PIMCO Global.
Mr. Takano, 40, will also start today. He succeeds Scott Roney, a PIMCO executive who has served as head of the company's Tokyo office since it opened in January 1998. Mr. Roney will remain in his current position until April 2002, thereby ensuring a smooth transition of responsibilities. Mr. Roney will then return to PIMCO's headquarters in Newport Beach, California, where he will serve as a senior client relationship manager working with some of PIMCO's largest U.S. clients.
"PIMCO is very pleased that a professional of Mr. Takano's capabilities will be leading our Tokyo office," Mr. Hodge said. "Given his successful track record and reputation in the Japanese financial industry, we believe his appointment will greatly strengthen our position in the market. This is just part of our growing commitment to Asia. We recently hired Mr. Tomoya Masanao as Senior Vice President/Yen Portfolio manager, and we're preparing to begin managing Yen-based assets in the Tokyo office early next year." He continued, "The Japanese market is one of the cornerstones of our global business. We have been very successful in Japan thus far, and with our push this year into the pension market we have garnered many of the leading financial institutions and corporations as clients. Along with the growth of our investment trust business, this lays the foundation of our future in Japan."
"PIMCO's Tokyo office expansion is part of a worldwide drive to expand our fixed income management capabilities," said William S. Thompson, PIMCO Managing Director and Chief Executive Officer. Noting that the company continues to expand its investment platform to other areas of the world, Mr. Thompson said, "Managing Yen-based assets allows us to gain greater presence in and understanding of Japanese markets."
With more than $235 billion in fixed-income assets under management in the United States and an additional $85 billion in insurance-based assets under management in Europe, PIMCO is one of the world's leading fixed-income fund-management companies. Founded in 1971 and based in Newport Beach, California, the company is majority owned by Munich-based Allianz Group, a leading global insurance company with nearly $985 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.