PIMCO Names Six New Managing Directors

Newport Beach, California, UNITED STATES

NEWPORT BEACH, Calif., Feb. 10, 2004 (PRIMEZONE) -- PIMCO (NYSE:PCM) today announced the promotions of six employees -- two of them in PIMCO's global offices -- to the level of Managing Director.

The promotions are:

Tammie J. Arnold , CFA

Ms. Arnold joined PIMCO in 1993, having been previously associated with Wells Fargo Nikko Investment Advisors as a global equities portfolio manager. She heads PIMCO's Product Management team, is a member of the account management group, and a senior member of PIMCO's investment strategy group. PIMCO's Product Management group is responsible for developing businesses in non-core products globally and across distribution channels. She has fifteen years of investment experience and holds a bachelor's degree in finance from the University of Southern California and an MBA from the Stanford University Graduate School of Business.

Wendy W. Cupps , CFA

Ms. Cupps is the Director of PIMCO's Stable Value and Enhanced Cash Management Services. She provides specialized consulting and servicing for clients investing pension, defined contribution or balance sheet assets in these products. She joined the firm in 1994, previously having been associated with William M. Mercer, Inc. She has seventeen years of investment experience and holds a bachelor's degree in mathematics from Bucknell University. Ms. Cupps is on the Board of Directors of the Stable Value Investment Association.

Scott A. Mather

Mr. Mather joined PIMCO in 1998, previously having been associated with Goldman Sachs in New York, where he was a fixed income trader specializing in a broad range of mortgage backed securities. He is a senior member of PIMCO's portfolio management and strategy groups. He is head of Fixed Income in Munich where he manages euro and pan-European portfolios and oversees portfolio management teams based in Munich. In addition, he works closely with many Allianz related companies and is a Managing Director of DIT. Previously, he co-headed PIMCO's mortgage and ABS team and managed portfolios of European supranationals and U.S. Agencies. He has eleven years of investment experience and holds both a bachelor's and master's degree in engineering from the University of Pennsylvania, as well as a bachelor's degree in finance from The Wharton School of the University of Pennsylvania.

Joseph V. McDevitt

Mr. McDevitt joined the firm in early 1998 to open and head PIMCO's London office, which has grown to an operation today with over $21 billion under management and over 100 institutional clients spread across Europe, the Middle East and Africa. Mr. McDevitt was previously associated with Salomon Brothers Asset Management in London as a managing director with responsibility for business development and client services. Prior to that, he spent six years on Salomon's London trading floor as a multi-currency fixed income specialist and was an account executive with Merrill Lynch in Asia. He has 23 years of investment management experience and holds a bachelor's degree from Bowdoin College and an MBA from the Harvard Business School.

Mohan V. Phansalkar

Mr. Phansalkar is PIMCO's Chief Legal Officer and is a member of the California Bar Association. He joined PIMCO in 1999, having been previously associated with Trust Company of the West in Los Angeles. Prior to that, Mr. Phansalkar was in private practice for a period of six years. He holds a bachelor's degree in Economics and Political Science from Washington University and a Juris Doctorate from Columbia University School of Law, where he was a Harlan Fiske Stone scholar.

W. Scott Simon

Mr. Simon joined the firm in 2000 from Bear Stearns & Co. in New York, where he was a senior managing director and co-head of MBS pass-through trading. He also authored The Daily MBS Commentary. Mr. Simon has seven times been named to positions on the Institutional Investor All-America Fixed-Income Research Team, including first place honors in MBS pass-throughs and overall MBS strategies. He is a senior member of PIMCO's portfolio management and strategy groups, and head of the mortgage/ABS areas. Mr. Simon has twenty-one years of investment experience, and holds a bachelor's and master's degrees in industrial engineering from Stanford University.

PIMCO also announced today that assets under management for 2003 grew by $69 billion, a 23 percent increase over 2002. AUM for the London office rose by 40 percent to $21 billion, and 29 percent for Germany to $194 billion. In Asia, assets rose more than 48 percent to $32.4 billion in 2003.

With more than $374 billion in fixed-income assets under management in the United States, 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 $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.


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