PIMCO Advisors Opens Offices of Pacific Investment Management Company in London and Tokyo.NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.--(BUSINESS WIRE)--March 16, 1998--PIMCO Advisors Holdings L.P. (NYSE NYSE See: New York Stock Exchange :PA) Monday announced the opening of offices for its Pacific Investment Management Company (PIMCO PIMCO Pacific Investment Management Company ) unit in London and Tokyo, significantly increasing its global presence beyond its first international office opened in Singapore in 1996. PIMCO, which is the largest of seven investment management subsidiaries of PIMCO Advisors, manages more than $118 billion in assets. In three surveys reported this year, PIMCO has been named as the best global fixed income manager, the fastest-growing active fixed-income manager in 1997, and the top domestic bond manager in the U.S. for defined benefit pension plans. The offices will serve several European and Asian funds and institutions for which the firm currently manages around $3 billion. They will also provide global investors with more convenient access to information about the firm's investment services for institutional investors and the PIMCO family of mutual funds which includes the largest bond fund in the U.S. "These new offices are an important step in the continued growth of PIMCO," said William S. Thompson Jr., chief executive officer of Pacific Investment Management. "By establishing offices in London and Tokyo, we are responding to European and Asian investors' growing interest in our long-term, value-added approach to bond investing." The London office will be headed by Joseph McDevitt, Executive Vice President of PIMCO, formerly a managing director of Salomon Brothers
Salomon Brothers was a Wall Street investment bank. Asset Management in London, which he founded in 1990. Prior to that, he was with Salomon Brothers International, primarily in London, since 1983. He holds an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration in finance and international business from Harvard Business School Harvard Business School, officially named the Harvard Business School: George F. Baker Foundation, and also known as HBS, is one of the graduate schools of Harvard University. . The new office is located at Stockley House, 130 Wilton Road, London SW1V 1LQ. The location is also the London office of Oppenheimer Capital, which became part of PIMCO Advisors Holdings L.P., PIMCO's parent company, last year. Both PIMCO and Oppenheimer Capital will operate in Europe as PIMCO Global Advisors (Europe) Ltd., which will be regulated by IMRO IMRO Irish Music Rights Organisation IMRO Investment Management Regulatory Organisation IMRO Internal Macedonian Revolutionary Organization IMRO Interactive Marketing Research Organisation . Scott L. Roney, senior vice president and director of PIMCO Advisors Japan Limited, will manage the Tokyo office at Shiroyama JT Mori Building, Level 16, 4-3-1 Toranomon, Minato-ku, Tokyo 105. Roney joined PIMCO five years ago and has been servicing Japanese clients from the firm's headquarters since then. Previously, he worked at Citibank where he focused on asset-based securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. . A Chartered Financial Analyst Chartered Financial Analyst (CFA) An experienced financial analyst who has passed examinations in economics, financial accounting, portfolio management, security analysis, and standards of conduct given by the Institute of Chartered Financial Analysts. and Chartered Investment Counselor, he holds a degree from Oberlin College Oberlin College, at Oberlin, Ohio; coeducational; opened 1833 as Oberlin Collegiate Institute, became Oberlin College in 1850. It includes a college of arts and sciences and a well-known conservatory of music. and an MBA in finance and international business from the University of Chicago, Graduate School of Business. PIMCO currently manages $118 billion in investments for many of the largest corporations, foundations, endowments and governmental bodies in the United States and worldwide. The firm's assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. have grown 34 percent in the past year. All of the nine institutional-class funds it has managed for more than five years for the PIMCO Funds, a $26 billion mutual fund family, have received the highest "A" rating from Lipper Analytical Services. PIMCO Advisors is a leading investment management organization with nearly $200 billion in assets under management. Its seven affiliated investment management firms are widely recognized for providing consistent performance and high quality service for many of the nation's corporate and public pension funds, endowments and foundations. Its affiliated mutual fund complex provides institutional-quality investment management to individual investors and institutions. The company has headquarters in Newport Beach. -0- Editors' notes: The surveys noted in the second paragraph appear, in order, in Global Investor, February 1998; in Pensions & Investments, Feb. 23, 1998; and Pensions & Investments, Jan. 26, 1998, pg. 26. The Lipper rankings for the PIMCO Funds appear in The Wall Street Journal, March 13, 1998. CONTACT: PIMCO Advisors, Newport Beach Dave Sanson, 714/361-7520 (U.S.) Joseph McDevitt, 44-171-872-1323 (London) Scott Roney, 813-5403-4836 (Tokyo) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion