NEWPORT BEACH, Calif., April 27, 2001 (PRIMEZONE) -- PIMCO, one of the nation's leading fixed-income management companies, has opened a New York office to further serve its institutional client base in the eastern United States.
The office, at 1345 Avenue of the Americas, is managed by PIMCO Executive Vice President, Thomas J. Otterbein.
"With more than 50 percent of our U.S. clients located east of the Mississippi River, this opening is a logical move that will allow us to meet with them on a more frequent basis," Otterbein said. Managers at the new office will work with their Newport Beach counterparts to ensure that clients throughout the country continue to receive the same high standard of service that is a hallmark of PIMCO.
While primarily a center for client service, the New York office will also serve as the headquarters for Sandra Durn, portfolio manager for PIMCO's convertible bond products.
Currently, 14 PIMCO employees work in the New York office, and that number is expected to grow as the company expands its customer base and offerings.
PIMCO's total assets under management now exceed $220 billion; more than $40 billion is invested in the company's flagship Total Return fund alone, making it the nation's largest bond fund and the fifth largest actively managed mutual fund in the U.S.
Founded in 1971 and based in Newport Beach, California, PIMCO 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.
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.