NEWPORT BEACH, Calif., Feb. 4, 2002 (PRIMEZONE) -- PIMCO, long recognized as one of the world's premiere fixed-income fund-management companies, was named "Risk Manager of the Year" in the asset-management category by Risk magazine, one of the most widely read trade publications among derivative specialists. The honor will be officially conferred at the magazine's third annual award ceremony in New York City on February 28, 2002.
Editors at the magazine cited the fact that PIMCO consistently beat its benchmarks, thanks to the company's complex, rigorous analysis of various economic and risk factors.
"We're pleased by the growing recognition of PIMCO's risk analytics," said William S. Thompson, Chief Executive Officer of the Newport Beach-based asset management company. "The Risk magazine award recognizes the hard work that goes on here every day, as our managers seek to maximize returns and minimize risks on behalf of our clients."
Editors of Risk noted that PIMCO's analytics are a critical part of helping company managers determine their investment strategies. Through a proprietary system developed in-house by PIMCO's Vineer Bhansali, PhD. and his team, the firm's investment strategies are checked each day against dozens of analytic tools and measurements for liquidity and credit risk.
"Effective risk management cannot be achieved through scattered, isolated or disconnected checks and processes," said Dr. Bhansali. "It is not simply plug and play. It only works if it is incorporated at all levels of the organization's portfolio, compliance and operations processes. PIMCO has invested heavily and over many years in the integrated systems that have been recognized in Risk magazine's award."
Founded in 1971 and based in Newport Beach, California, PIMCO has more than $240 billion in fixed-income assets under management in the United States and an additional $100 billion in insurance-based assets under management in Europe. The company is majority owned by Munich-based Allianz Group, a leading global insurance company with nearly $1 trillion 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.