PIMCO Advisors Announces Promotions

Richard M. Weil Named Managing Director of PIMCO Advisors; Robert M. Fitzgerald and James G. Ward Named Executive Vice President

Newport Beach, California, UNITED STATES

NEWPORT BEACH, Calif., Feb. 3, 2000 (PRIMEZONE) -- PIMCO Advisors Holdings L.P. (NYSE:PA) announced today that Richard M. Weil, currently general counsel for PIMCO Advisors and a managing director at Oppenheimer Capital, has been appointed managing director of PIMCO Advisors L.P.

Mr. Weil, 36, assumes leadership of the newly-formed Corporate Services Group which provides legal, finance, human resources and technology support to the fixed income, equity and retail businesses of PIMCO Advisors.

Other PIMCO Advisors promotions announced were: Robert M. Fitzgerald to Executive Vice President, Director of Finance; James G. Ward to Executive Vice President, Director of Human Resources; Andrew P. Bocko to Senior Vice President, Director of Technology; Bradley W. Paulson to Senior Vice President, Chief Legal Officer-International; and Frank C. Poli to Senior Vice President, Chief Legal Officer-Equities. They will be reporting to Mr. Weil.

Mr. Weil has served as legal counsel to PIMCO Advisors and to Pacific Investment Management Company since March 1996. Before joining PIMCO, he worked with new product development, specializing in hedge funds for Bankers Trust Company's Global Asset Management Division. Prior to that he was employed with the law firm of Simpson, Thatcher and Bartlett. A member of the State Bar of California and the State Bar of New York, he received a law degree from the University of Chicago and an undergraduate economics degree from Duke University.

Mr. Fitzgerald, 47, will continue as Chief Financial Officer of both PIMCO Advisors and PIMCO Advisors Holdings and as a member of the Management Board of PIMCO Holdings. He is a former bank executive and partner with Price Waterhouse.

Mr. Ward, 45, will continue as Director of Human Resources for PIMCO Advisors. He was previously employed by Salomon Brothers in its New York, Tokyo and Hong Kong offices, and he has 20 years of human resource experience.

PIMCO Advisors is one of the largest investment management companies in the United States with more than $260 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 54 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 pending acquisition by Allianz A.G., 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.