NEWPORT BEACH, Calif., Oct. 4, 2002 (PRIMEZONE) -- PIMCO Commercial Mortgage Securities Trust, Inc. (NYSE:PCM), a closed-end investment company investing primarily in commercial mortgage-backed securities, today announced that William C. Powers, Managing Director, has assumed an active role in managing the Fund. As a senior member of PIMCO's portfolio management team, Mr. Powers will work together with Daniel J. Ivascyn, Senior Vice President, who will continue to be involved with the day-to-day management of the Fund.
Mr. Powers is a senior member of PIMCO's portfolio management and investment strategy groups. Mr. Powers joined the firm in 1991, having been previously associated with Salomon Brothers and with Bear Stearns as Senior Managing Director, specializing in mortgage-backed securities. He has 18 years of investment experience, and holds a bachelor's degree in Economics from Princeton University and an MBA from Stanford Graduate School of Business.