PIMCO Announces Promotion


Newport Beach, Calif., Jan. 8, 2001 (PRIMEZONE) -- Pacific Investment Management Company LLC ("PIMCO") today announced that it has promoted Paul A. McCulley to Managing Director.

McCulley, 43, is Head of PIMCO's Short-Term Desk, and a member of the firm's Investment Committee. He also leads PIMCO's Economic Forum, and is the author of the popular financial newsletter, Fed Focus, which is available monthly on the PIMCO website at www.pimco.com.

Mr. McCulley joined PIMCO in early 1999, previously serving as a Managing Director and Chief Economist for the Americas with UBS Warburg. An MBA graduate of Columbia University, Mr. McCulley was named to six seats on the Institutional Investor All America Fixed Income Research Team in 1996-1998.

With more than $210 billion in fixed income assets under management, PIMCO is one of the world's leading fixed income fund management companies. Founded in 1971 and based in Newport Beach, California, the company is majority owned by Munich-based Allianz Group, a leading global insurance company with nearly $670 billion in assets and represented in 70 countries around the globe.



            

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