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PIMCO Names New Executive Vice President, Portfolio Manager

To strengthen high yield capabilities

PIMCO has appointed Andrew Jessop as an executive vice president and portfolio manager based in the firm’s Newport Beach, California office.

Mr Jessop will be a senior member of PIMCO’s high yield team. His first day at PIMCO will be November 30, 2009.

William H. Gross, founder and co-CIO of PIMCO, said: Given Andrew’s significant market experience, he will further strengthen our high yield capabilities and enhance our ability to deliver value to our clients.”

Mr Jessop has over 22 years of investment experience in the high yield market, and was most recently a managing director, portfolio manager and co-head of the high yield group at Goldman Sachs Asset Management where he spent 12 years.

PIMCO is an investment management firm which manages investments for an array of clients, including retirement and other assets. Its clients include state, municipal and union pension and retirement plans.