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Pilgrim Closes on Nicholas-Applegate


Pilgrim America Capital Corp. of Phoenix, Ariz., has closed on its acquisition of the 11 retail Nicholas-Applegate Mutual Funds of San Diego, Calif. The funds were purchased for $24 million.

The deal brings Pilgrim's assets under management to $7.4 billion, up from $1.6 billion. Pilgrim manages 19 open and closed-end mutual funds.