NEWPORT BEACH, Calif. Nov. 17, 2002 (PRIMEZONE) -- PIMCO, one of the world's leading fixed-income managers, announced today that in this week's publication, Barron's erroneously described PIMCO's holdings in National Century Financial Enterprises' ("NCFE") bonds. Across all PIMCO client accounts, the actual amount of NCFE bonds that PIMCO owns is approximately $283 million, rather than the $3.35 billion reported. This amount represents less than one-tenth of one percent of the $401 billion managed by the firm worldwide.
Founded in 1971 and based in Newport Beach, California, PIMCO has more than $301 billon in fixed-income assets under management in the United States and an additional $100 billion in insurance-based assets under management in Europe. The company is majority owned by Munich-based Allianz Group, a leading global insurance company with nearly $1 trillion 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.