NEW YORK, March 10, 2006 (PRIMEZONE) -- Nicholas-Applegate International & Premium Strategy Fund (the "Fund") (NYSE:NAI), today announced changes to its portfolio management team, effective immediately. Stacey Nutt and David Vaughn, portfolio managers of the international equity component of the Fund, are no longer with the firm.
Horacio A. Valeiras, a Managing Director of Nicholas-Applegate Capital Management LLC ("NACM") and its Chief Investment Officer, will take over as head of NACM's systematic investment team and will assume the role of lead portfolio manager of the Fund's international equity component.
In addition, Steven Tael, a Vice President at NACM, will be a portfolio manager of the Fund. Mr. Tael has been with NACM's systematic team for 6 months and has 10 years of investment experience. Prior to joining NACM, he was with Mellon Capital Management in San Francisco, where he was a Research Analyst in the area of Investment Research. His experience spans quantitative model building, model production and portfolio management support.
"There are no changes to NACM's proprietary systematic models as a result of these events," stated Mr. Valeiras. "The models were developed and are owned by NACM. The intellectual capital, the risk management tools, and model analytics remain in place and are in no way affected by the change in management."
The Fund is a closed-end management investment company that seeks total return comprised of current income, current gains and long-term capital appreciation. There can be no assurance the Fund will achieve its objective.
Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group (NYSE:AZ). Nicholas-Applegate Capital Management LLC and PEA Capital LLC, the Fund's sub-advisers, manage the Fund's international equity portfolio component and the index option strategy, respectively.
The Fund's daily New York Stock Exchange closing price, net asset value per share, as well as other information, is available at http://www.allianzinvestors.com/closedendfunds or by calling the Fund's shareholder servicing agent at (800) 331-1710.