NEWPORT BEACH, Calif., Dec. 15, 1999 (PRIMEZONE) -- PIMCO Advisors Holdings L.P. (NYSE:PA) today announced its distribution declaration of $0.60 per unit for the fourth quarter of 1999, payable January 31, 2000 to holders of record on December 31, 1999. This distribution compares with $0.60 in the third quarter of 1999 and $0.57 for the same quarter last year.
On an annualized basis, the fourth quarter of 1999 distribution equates to $2.40 per unit compared with $2.28 per unit in the fourth quarter of 1998.
PIMCO Advisors anticipates that it will incur substantial costs as a result of the transactions contemplated by the previously announced agreement for Allianz AG to acquire majority ownership of PIMCO Advisors, including all of the interests held by PIMCO Advisors Holdings L.P. These transaction-related costs will approximate 15 to 20 cents per unit and will reduce the first quarter 2000 distribution for PIMCO Advisors Holdings L.P.
PIMCO Advisors is one of the largest investment management companies in the United States with more than $256 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 providing high quality service to more than 1,600 institutional clients worldwide, including more than one-third of the nation's largest 100 corporations. In addition, PIMCO Advisors manages a family of 53 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 may 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. Please refer to the reports that PIMCO Advisors Holdings L.P. files with the Securities and Exchange Commission, including but not limited to the company's annual report on form 10-K for the year ended December 31, 1998. 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.