EXHIBIT 23.1
                                                                    ------------

                         INDEPENDENT AUDITORS' CONSENT


We consent to the incorporation by reference in Registration Statement No. 
33-71016 on Form S-8 of our report dated February 14, 1997, appearing in this 
Annual Report on Form 10-K of PIMCO Advisors L.P. and subsidiaries for the year 
ended December 31, 1996.


PRICE WATERHOUSE LLP



Los Angeles, California

March 26, 1997