PIMCO Appoints Mortgage Investment Expert To Portfolio Management Team

Former Bear Stearns Executive Scott Simon Joins PIMCO


NEWPORT BEACH, Calif., Dec. 21, 1999 (PRIMEZONE) -- PIMCO Advisors Holdings L.P. (NYSE:PA) announced today that its largest investment unit, Pacific Investment Management Company, has appointed Scott Simon, former senior managing director of Bear Stearns as an executive vice president and a mortgage specialist in its portfolio management group.

Mr. Simon, 39, will be responsible for implementing mortgage strategies throughout PIMCO's portfolios. In this newly created position, he reports to William C. Powers, managing director and senior member of PIMCO's portfolio management and investment strategy groups. Mr. Simon is expected to join PIMCO's other mortgage specialists, Scott Mather and Pasi Hamalainen, in the first quarter of 2000. As previously announced, as a result of the PIMCO Allianz transaction, Mr. Hamalainen is expected to relocate to Munich in the second quarter of 2000 as head of PIMCO Fixed Income-Europe.

"Scott Simon's impressive background and accomplishments give PIMCO and its mortgage specialty group a highly sophisticated level of investment expertise," said Mr. Powers. "His appointment is yet another example of PIMCO's continued commitment to maintaining excellence in all areas of fixed-income management."

During his career with Bear Stearns, Mr. Simon was co-head of agency mortgage pass-through trading. He also managed the department's arbitrage trading account and authored The Daily MBS Commentary, the industry's most widely read daily mortgage backed securities research publication, which he founded.

Previously, Mr. Simon was a vice president with UBS Securities where he managed mortgage pass-through trading and actively traded REMICs. Earlier in his career he was a vice president of Goldman Sachs and a vice president of Lehman Brothers where he focused on mortgage-related investments. Mr. Simon is the only trader named to Institutional Investor's All-American Fixed-Income Research Team for the past five-years consecutively.

"Scott joins other recent hires at PIMCO including Chris Dialynas, managing director and portfolio manager; Paul McCulley, executive vice president and portfolio manager specializing in short-term securities; Mohammed El-Erian, managing director and head of the emerging markets specialty group; and Sandra Durn, vice president and portfolio manager for convertibles," said William S. Thompson, managing director and chief executive officer of PIMCO. "As PIMCO's assets under management grow, we will work to attract the most knowledgeable and talented money management professionals in our business."

PIMCO Advisors is one of the largest investment management companies in the United States with over $256 billion of assets under management. Its investment advisor subsidiaries, led by Pacific Investment Management Company and Oppenheimer Capital, are widely recognized for consistently posting attractive performance and providing high quality service to more than 1,600 institutional clients worldwide, including one-third of the nation's largest 100 corporations. In addition, PIMCO Advisors manages a family of 53 stock and bond mutual funds available to both retail and institutional investors.

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 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 Advisors L.P.'s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. PIMCO Advisors Holdings L.P. cautions readers to carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO Advisors Holdings L.P. undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.



            

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