NEWPORT BEACH, Calif., March 14, 2000 (PRIMEZONE) -- PIMCO Advisors Holdings L.P. (NYSE:PA) today announced that its fixed-income unit, Pacific Investment Management Company ("PIMCO"), has appointed Vineer Bhansali to the new position of Executive Vice President and Head of Domestic Analytics for Portfolio Management. Dr. Bhansali will serve as a senior member of PIMCO's portfolio management group, with responsibilities for identifying and analyzing relative value opportunities across all fixed-income investment sectors.
Dr. Bhansali, 33, joins PIMCO from Credit Suisse First Boston, where he was Vice President of proprietary fixed-income trading. Previously, he was a proprietary trader for the Salomon Brothers arbitrage desk in New York and also was Vice President of global derivatives for Citibank. He will be joining PIMCO, in Newport Beach, in early April.
"We are very pleased that Vineer is joining our organization," stated William C. Powers, Managing Director and head of PIMCO's portfolio management group, to whom Dr. Bhansali will be reporting. "His credentials and experience - both professionally and academically - are of the highest level, and we are confident that his contributions to PIMCO will be significant."
Dr. Bhansali earned both his bachelor's and master's degrees in physics from the California Institute of Technology in 1987. He received his Ph.D. in theoretical particle physics from Harvard University in 1992. Prior to entering the securities industry, he served as a teaching fellow at Harvard University.
Dr. Bhansali is the author of numerous scientific and financial papers and was the author of the book Pricing and Managing Exotic and Hybrid Options, published by McGraw-Hill in 1998. He currently serves as an associate editor for the International Journal of Theoretical and Applied Finance.
"PIMCO continually strives to hire the best fixed-income professionals in the world, and this appointment is another example of that commitment," said William S. Thompson, Managing Director and Chief Executive Officer of PIMCO. "Portfolio analytics have long had a key role in the value-added investment process at PIMCO. Vineer Bhansali represents a formidable addition to our analytics capabilities."
PIMCO Advisors is one of the largest investment management companies in the United States with over $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.