PIMCO Hires Ethan Schwartz as Executive Vice President and Portfolio Manager

NEWPORT BEACH, CA--(Marketwired - Aug 5, 2014) - PIMCO, a leading global investment management firm, has hired Ethan Schwartz as Executive Vice President and Portfolio Manager focusing on distressed credit. He will report to Sai Devabhaktuni, Executive Vice President and head of corporate distressed portfolio management.

"PIMCO has strong capabilities in distressed debt and opportunistic credit investing, and Ethan's hiring is another example of the firm's continued focus on further enhancing our investment platform outside of traditional markets," said Mr. Devabhaktuni.

Prior to joining PIMCO, Mr. Schwartz was a senior analyst at Contrarian Capital Management, an investment management firm, where he managed a broad range of complex investments in liquid and illiquid fund structures.

Mr. Schwartz, who starts this week, will be based in New York.

Professional Biography
Mr. Schwartz has 15 years of experience as an analyst and investment manager of stressed credit and distressed investments. Prior to joining PIMCO, he was a senior analyst at Contrarian Capital Management, where he helped oversee $2.7 billion of hedge fund assets and was a member of the investment committee of the illiquid distressed fund. He also worked at CRT Capital Group, Tribeca Investments and Goldman Sachs. Prior to his investment career, Mr. Schwartz was a professional journalist, writing for the Washington Post and the New York Times. He has a B.A. and law degree from Yale.

About PIMCO
PIMCO is a leading global investment management firm, with offices in 12 countries throughout North America, Europe and Asia. Founded in 1971, PIMCO offers a wide range of innovative solutions to help millions of investors worldwide meet their needs. Our goal is to provide attractive returns while maintaining a strong culture of risk management and long-term discipline. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider.

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 may 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's sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. 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 statement.