NEW YORK, Nov. 14, 2008 (GLOBE NEWSWIRE) -- Allianz Global Investors Fund Management LLC ("AGIFM"), investment manager to Nicholas-Applegate Equity and Convertible Income Fund (NYSE:NIE) and Nicholas-Applegate Global Equity & Convertible Income Fund (NYSE:NGZ) (collectively, the "Funds") announced today a change to the portfolio management teams of the respective Funds effective as of September 5, 2008. Horacio A. Valeiras, CFA, a member of the Funds' portfolio management team since inception, will no longer be responsible for the day-to-day portfolio management of the Funds but will continue to provide investment oversight to the Funds. As the Chief Investment Officer of Nicholas-Applegate Capital Management LLC ("NACM"), Mr. Valeiras will continue to oversee all investment and trading functions for NACM's investment portfolios, including the Funds.
For NIE, Mr. Doug Forsyth, who has been a lead portfolio manager since inception, will continue to act as lead portfolio manager for the Fund. Mr. Forsyth, CFA, is a Managing Director, Senior Portfolio Manager, and a member of NACM's Executive Committee. He will continue to be supported by Mr. Justin Kass and Mr. Michael E Yee, each of whom also assumed primary responsibility for the day-to-day management of NIE as of September 2008. Mr. Kass, a Managing Director, joined NACM in 2000 with responsibilities for portfolio management and research on the firm's U.S. High Yield Bond/Convertibles team. Mr. Yee, a Senior Vice-President, who joined NACM in 1995, will be responsible for NIE's option writing strategy.
For NGZ, Mr. 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 Mr. Justin Kass and Mr. Michael Yee, each of whom also assumed primary responsibility for the day-to-day management of NGZ as of September 2008. Mr. Yee will be responsible for NGZ's option writing strategy. In addition, Mr. Kunal Ghosh and Steven Tael will replace Mr. Valeiras as portfolio managers responsible for the day-to-day portfolio management of the international equity portion of the portfolio. Mr. Kunal Ghosh, Senior Vice President, joined NACM in 2006 and has portfolio management responsibilities for the International Global and Emerging Markets Systemic strategies. Mr. Steven Tael, Vice President, joined the firm in 2005 and has portfolio management responsibilities for the International, Global and Emerging Markets Systemic Strategies.
Each Fund's investment objective is to seek total return comprised of capital appreciation, current income and gains. There can be no assurance that each Fund will achieve its respective objective.
Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Funds' investment manager and is a member of Munich-based Allianz Group (NYSE:AZ). Nicholas-Applegate Capital Management LLC, an Allianz Global Investors Fund Management affiliate, serves as the Funds' sub-adviser.
The Funds' daily New York Stock Exchange closing prices, net asset values per share, as well as other information, including updated portfolio statistics and performance, is available at http://www.allianzinvestors.com or by calling the Funds' shareholder servicing agent at (800) 331-1710.
Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from further declines in the securities markets and in the Funds' performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.