PIMCO Announces Promotions

Newport Beach, California, UNITED STATES

NEWPORT BEACH, Calif., Dec. 20, 1999 (PRIMEZONE) -- PIMCO Advisors Holdings L.P. (NYSE:PA) today announced that its fixed-income unit, Pacific Investment Management Company ("PIMCO"), has promoted Mohamed A. El-Erian, Pasi M. Hamalainen, Brent L. Holden, John S. Loftus and Ernest L. Schmider to Managing Director.

El-Erian, 41, joined Pacific Investment in early 1999, having been previously associated with Salomon Smith Barney/Citibank in London where he was a managing director heading the emerging markets economic research team. Prior to Salomon, El-Erian spent 15 years with the International Monetary Fund (IMF), leading policy work on debt and country issues. El-Erian has both his doctorate and master's degrees from Oxford University and his undergraduate degree from Cambridge University.

Hamalainen, 32, has been with Pacific Investment for five years. He is a senior member of the portfolio management and investment strategy groups. In addition, Hamalainen oversees the development of the firm's quantitative analytics and co-heads the firm's mortgage team. His bachelor's degree is in Electrical Engineering and Finance from the University of Pennsylvania and his masters in Finance is from The Wharton School at the University of Pennsylvania.

Holden, 43, is an account manager involved in managing PIMCO's overall client servicing effort and a senior member of PIMCO's investment strategy group. Having been with the firm for ten years, Holden has a total of 16 years of investment experience. A Chartered Financial Analyst, Holden attained his bachelor's degree from U.C. Berkeley and his MBA from the Harvard Business School.

Loftus, 40, has been with Pacific Investment for 13 years and is an account manager and a senior member of PIMCO's investment strategy group. In addition to his institutional client servicing responsibilities, he heads the firm's product management area and is the product manager for PIMCO's enhanced equity product: StocksPLUS. Loftus, a Chartered Financial Analyst, has both his bachelor's degree and MBA from Stanford University.

Schmider, 42, is chief administrative and legal officer for PIMCO and also has served as a senior officer at PIMCO's holding company: PIMCO Advisors L.P. and as a member of PIMCO's management board. Schmider has been with the firm for six years. Prior to PIMCO, Schmider was a partner at the law firm of Latham and Watkins in both Los Angeles and San Francisco. Schmider attained his bachelor's degree is from Dartmouth College and his J.D. from the Cornell Law School.

In October of this year, PIMCO announced an agreement for Allianz AG, the world's second largest insurance company headquartered in Munich, to acquire majority ownership of PIMCO Advisors, including all of the interests held at PIMCO Advisors Holdings L.P. On the completion of this transaction, Hamalainen will relocate to Munich as head of PIMCO fixed income-Europe, and Schmider will relocate to Munich as Chief Operating Officer of PIMCO-Europe.

Pacific Investment Management Company has over $181 billion in fixed-income assets under management. It is a subsidiary of PIMCO Advisors LP, one of the largest investment management companies in the United States with more than $256 billion in assets under management.