NEWPORT BEACH, CA--(Marketwire - October 25, 2010) -  PIMCO, a leading global investment management firm, announced today that it has hired Devin Chen as an Executive Vice President and commercial real estate portfolio manager. He begins with the firm on November 8th and will be based in the Newport Beach office.

"Devin Chen is a seasoned and highly knowledgeable commercial real estate portfolio management professional, and he will expand our capabilities in an important market where we see significant opportunities for our clients," said Dan Ivascyn, Managing Director and a senior member of PIMCO's Portfolio Management Group.

Mr. Chen has 14 years of commercial real estate investment and finance experience. He joins PIMCO from JER Partners, a private equity real estate investment company with over $4 billion in capital commitments. Mr. Chen spent 11 years at JER Partners where he was Managing Director and a member of the firm's Investment Committee. He is a graduate of Georgetown University.

"Devin will strengthen further PIMCO's commercial real estate team and his addition to our portfolio management group is highly complementary to our existing resources," added Mr. Ivascyn.

PIMCO is a global investment management firm that was founded in Southern California in 1971. The firm serves an array of clients and manages retirement and other assets that reach millions of people in the U.S. and millions more around the world. Our clients include state, municipal, union and private sector pension and retirement plans, educational, foundations, endowments, philanthropic and healthcare institutions, individual and investment saving accounts, public sector reserve management and other public entities in North and South America, Europe, the Middle East and Asia.

PIMCO has more than 1,300 employees. In addition to its headquarters in Newport Beach, California, the firm has offices in Amsterdam, Hong Kong, London, Munich, New York City, Singapore, Sydney, Tokyo, Toronto and Zurich.

PIMCO is owned by Allianz S.E., a global insurance conglomerate.

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.

Contact Information:

Mark Porterfield
PIMCO - Media Relations
949-720-NEWS (6397)