NEW YORK, May 17, 2007 (PRIME NEWSWIRE) -- Allianz Global Investors Fund Management LLC today announced a change to the portfolio management team of Nicholas-Applegate International & Premium Strategy Fund (NYSE:NAI) (the "Fund") relating to its Index Option Strategy, effective immediately. Greg Tournant, co-portfolio manager of the Fund's Index Option Strategy, has decided to leave Oppenheimer Capital LLC, one of the two sub-advisers of the Fund. Management of the Fund's other component will not be affected by this change.
The Fund's two components are managed by two different sub-advisers. Stephen Bond-Nelson, Senior Vice President and Portfolio Manager of Oppenheimer Capital LLC, will assume sole leadership of the team that manages the Index Option Strategy for the Fund. Mr. Bond-Nelson was previously a portfolio manager at PEA Capital LLC and has over 13 years of investment experience.
The International Equity Component of the Fund will continue to be managed by the team led by Horacio A. Valeiras, a Managing Director and the Chief Investment Officer of Nicholas-Applegate Capital Management LLC.
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 Oppenheimer Capital LLC, the Fund's sub-advisers, manage the Fund's International Equity Component and the Index Option Strategy, respectively.
The Fund's daily New York Stock Exchange closing price, the latest available net asset value per share as well as other information is available by calling the Fund's shareholder servicing agent at 1-800-331-1710. In addition, this information plus updated portfolio statistics and performance is available at http://www.allianzinvestors.com/closedendfunds.
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 a decline in the securities markets or a decline in the Fund's 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.