Pimco [see profile] just hired a retirement income executive. Today the Newport Beach, California-based fixed income titan confirmed the addition of Michael Cogswell as a senior vice president, reporting to retirement solutions executive vice president Tom Streiff.

Watch for Pimco to develop new retirement income offerings. Cogswell most recently worked on retirement income products at Genworth, and Pimco product management group chief Wendy Cupps specifically praised Cogswell for his "substantial experience in the development of products for retirement income."

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Company Press Release

NEWPORT BEACH, CA--(March 30, 2011) - PIMCO, a leading global investment management firm, has hired Michael Cogswell as a Senior Vice President in the firm's Retirement Solutions Team.

"Michael has substantial experience in the development of products for retirement income, particularly solutions that provide some element of longevity protection," said Wendy Cupps, a Managing Director in the Newport Beach office and Head of PIMCO's Product Management Group.

"This hire significantly adds to PIMCO's retirement solutions team and demonstrates our continuing commitment to retirement income solutions, an increasingly important market as advisors and institutions look for innovative income products to help tens of millions of Americans manage their retirement savings," said Cupps.

Cogswell will report to Tom Streiff, Executive Vice President, Retirement Solutions.

Cogswell comes from Genworth Financial, where he was deeply involved in the development and launch of variable annuity and retirement income products for both retail and institutional clients. Prior to Genworth, Cogswell worked in roles involving the development and management of insurance and retirement products for Sun Life Financial and Merrill Lynch's Retirement and Insurance Groups. He earned his BA in Economics from the College of the Holy Cross, a law degree from the University of Virginia and a LLM (Taxation) from Georgetown University.

About PIMCO

PIMCO is a leading global investment management firm, with offices in 10 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 Global Investors, a subsidiary of the Munich-based 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. 

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