Pilgrim Closes on Nicholas-Applegate
May 31, 1999
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.