NEWPORT BEACH, Calif., Feb. 22, 2002 (PRIMEZONE) -- PIMCO today announced that it has successfully completed the process of becoming the investment manager to the RCM Strategic Global Government Fund, Inc. (the "Fund"), effective February 8, 2002. As a final part of this transition, the Fund is changing its name to the "PIMCO Strategic Global Government Fund, Inc." The ticker symbol for the fund (NYSE:RCS) will remain unchanged.
RCM Strategic Global Government Fund, a closed-end, multi-sector bond fund, is "a perfect fit with the core capabilities of PIMCO," said Brent R. Harris, President and Chairman of the Fund, and a PIMCO Managing Director. "PIMCO has over 30 years of fixed-income experience, and we specialize in investing in the strategic core positions that the Fund has traditionally held." PIMCO projects the regular monthly dividend for the Fund this year to be $0.074 per share, which is equal to that generated by the Fund under the prior capable Dresdner RCM management team. This monthly amount equates to a regular quarterly dividend of $0.222 per share.
The Fund invests in a portfolio of U.S. and foreign debt securities with an overall average credit-quality rating of AA, with the primary objective of generating greater income than that produced by high quality, intermediate-term U.S. debt securities.
With more than $241 billion in fixed-income assets under management in the United States and an additional $100 billion in insurance-based assets under management in Europe, PIMCO is one of the world's leading fixed-income fund-management companies. Founded in 1971 and based in Newport Beach, Calif., 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, including expectations and projections about future dividends, 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, including future dividends, to differ materially, including credit risk, risk of default by governments in emerging markets, risks associated with changes in interests rates, yield relationships and volatility, the magnification of risks due to leverage, adverse changes in foreign currency exchange rates, changes in prepayment rates on mortgage-backed securities, risks associated with derivatives such as documentation, illiquidity and counterparty risk, risk of dislocations in foreign markets, exchange controls, and risk that the Fund's portfolios may be inefficiently allocated among different sectors. 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.