Nicholas-Applegate names new management teams for two funds

By Devika Patel

Knoxville, Tenn., Nov. 14 - Nicholas-Applegate's Equity & Convertible Income Fund and its Global Equity & Convertible & Income Fund underwent management changes, according to a press release by Allianz Global Investors Fund Management LLC.

Effective Sept. 5, Horacio A. Valeiras, a member of the funds' portfolio management team since inception, will no longer be responsible for the day-to-day portfolio management but will continue to provide investment oversight to the funds in his new position as the chief investment officer of Nicholas-Applegate Capital Management LLC.

Valeiras will continue to oversee all investment and trading functions for the company's investment portfolios, including the funds.

Doug Forsyth, who has been a lead portfolio manager since inception, will continue to act as lead portfolio manager for the Equity and Convertible Income Fund.

Forsyth is a managing director, senior portfolio manager and a member of the company's executive committee. He will continue to be supported by Justin Kass and Michael E. Yee, each of whom also assumed primary responsibility for the day-to-day management of the fund as of September.

Kass, a managing director, joined Nicholas-Applegate in 2000 with responsibilities for portfolio management and research on the firm's United States' high-yield bond/convertibles team.

Yee, a senior vice president, who joined Nicholas-Applegate in 1995, will be responsible for the fund's option writing strategy.

For the Global Equity & Convertible & Income Fund, Doug Forsyth, who has been a lead portfolio manager since inception, will continue to act as lead portfolio manager and will continue to work with Justin Kass and Michael Yee, each of whom also assumed primary responsibility for the day-to-day management of the fund as of September.

Yee will be responsible for NGZ's option writing strategy.

In addition, Kunal Ghosh and Steven Tael will replace Valeiras as portfolio managers responsible for the day-to-day portfolio management of the international equity portion of the portfolio.

Ghosh, senior vice president, joined Nicholas-Applegate in 2006 and has portfolio management responsibilities for the international global and emerging markets systemic strategies.

Tael, vice president, joined the firm in 2005 and has portfolio management responsibilities for the international, global and emerging markets systemic strategies.

Nicholas-Applegate is based in New York.

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