NEWPORT BEACH, Calif., August 3, 2000 (PRIMEZONE) -- Pacific Investment Management Company ("PIMCO") announced today that Dick Weil, currently Managing Director, General Counsel and head of corporate services for PIMCO Advisors, a subsidiary of Allianz AG (Euro: ALV), has been named PIMCO's Chief Operating Officer, a newly created position. Weil, 37, will report to the firm's Chief Executive Officer, William S. Thompson.
"Dick's strong business skills, as well as his central role in PIMCO Advisors' development, make him ideally suited for the Chief Operating Officer position as we approach nearly $200 billion in managed assets," said Thompson. "Having been a pivotal member of the team that negotiated the PIMCO-Allianz transaction, Dick will become a vital link to Allianz Asset Management in Munich."
Mr. Kenneth M. Poovey, Chief Executive Officer of U.S. Equities for Allianz Asset Management and former General Counsel will temporarily assume Weil's previous duties until the positions are filled.
During 2000, Weil has been head of the Corporate Services division providing legal, human resource, finance, operations and technology assistance to PIMCO Advisors' subsidiaries including Oppenheimer Capital, a New York City based, value equity manager with approximately $45 billion in assets under management. Weil has also been serving as a Managing Director and a senior business manager at Oppenheimer Capital. Since March 1996, he has served as legal counsel to PIMCO Advisors and to PIMCO, acting as General Counsel since January 1999. Before joining PIMCO, Weil was with the Global Asset Management division of Bankers Trust Company, and prior to that, with the law firm of Simpson, Thatcher and Bartlett.
Weil received his law degree from the University of Chicago and his undergraduate economics degree from Duke University. He is a member of the State Bar of California and the State Bar of New York.
PIMCO, with nearly $200 billion under management, is based in Newport Beach, California. It is a subsidiary of the Munich-based Allianz Group which is a leading global insurance company that is represented in 70 countries around the globe.