NEWPORT BEACH, Calif., May 14, 1999 (PRIMEZONE) -- PIMCO Advisors Holdings L.P. (NYSE: PA) today announced that assets under management in its mutual fund family, the PIMCO Funds, reached $50.9 billion at April 30, 1999, representing an increase of 19 percent since April 30, 1998.
PIMCO Funds' net inflows were $4.9 billion in the first four months of 1999 as compared with $3.2 billion in the first four months of 1998 and $10.1 billion for all of 1998. Equity fund growth in early 1999 was led by the PIMCO Funds' Innovation Fund with net inflows of $361.1 million in first four months of 1999 compared with $98.2 million for calendar year 1998. Year-to-date net inflows into the PIMCO Funds' taxable bond funds were $4.5 billion at April 30, 1999 versus $2.8 billion for the same period in 1998 and $9.2 billion for the same funds in calendar year 1998.
During the first quarter of 1999, PIMCO Funds gathered approximately $3.8 billion in net new funds, according to statistics complied by Strategic Insight and reported by Putnam, Lovell, de Guardiola & Thornton Equity Research. Among publicly traded money management companies, PIMCO had the third largest net new inflows during the first three months of the year.
"PIMCO continues to show deepening penetration into the mutual fund marketplace with an increasingly important position in equity funds," said Stephen Treadway, Chief Executive Officer of PIMCO Funds Distributors. "PIMCO Equity Advisors, formed in early 1999, was created as the centerpiece to our equity retail mutual fund expansion plan and it continues to demonstrate that it is well positioned. PIMCO also continued to show its dominance in taxable bond funds in the first quarter of 1999."
PIMCO's Mid-Cap Growth Fund was among 10 industry funds recently awarded "Select" status by Standard & Poor's, a division of the McGraw-Hill Companies. The award was based on performance tests within its peer group designed to identify funds with the most consistent levels of superior returns, according to Standard & Poor's. The Select Fund service provides investors with fund evaluation combining both thorough analysis of the investment management process and examination of the fund's performance consistency.
"The strong performance of PIMCO Funds in the first quarter of 1999 contributed significantly to PIMCO's 17th consecutive quarter of overall net inflows," said William Cvengros, Chief Executive Officer of PIMCO Advisors. "Continued growth of our PIMCO Funds complex is an important part of our strategy to leverage the PIMCO brand and distribution capabilities to a broader range of U.S. and global investors."
PIMCO Advisors is one of the largest investment management companies in the United States with more than $248 billion of assets under management. Led by its Pacific Investment Management and Oppenheimer Capital units, it is widely recognized for consistently posting attractive performance and high quality service to more than 1,600 institutional clients worldwide, including 42 of the nation's largest 200 corporations. In addition, PIMCO Advisors manages a family of 52 stock and bond mutual funds available to both retail and institutional investors.
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 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 Advisors L.P.'s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. PIMCO Advisors Holdings L.P. cautions readers to carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO Advisors Holdings L.P. undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
Past performance is no guarantee of future results. Call or write for a current PIMCO Funds prospectus containing more complete information, including management fees and expenses. Please read it carefully before you invest or send money. PIMCO Funds Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902, 800-927-4648.