NEW YORK, Sept. 26, 2008 (GLOBE NEWSWIRE) -- Allianz Global Investors Fund Management LLC ("AGIFM"), investment manager to Nicholas-Applegate International & Premium Strategy Fund (the "Fund") (NYSE:NAI), announced that at a meeting held September 15, 2008, the Board of Trustees of the Fund approved a change of the Fund's sub-adviser responsible for the Fund's option strategy from Oppenheimer Capital LLC, to Nicholas Applegate Capital Management LLC ("NACM"). To date, NACM has served as sub-adviser for the Fund's international equity portfolio, and Oppenheimer Capital LLC's sub-advisory role has been limited to implementing the Fund's option strategy. NACM will take over option writing responsibilities for the Fund, and Oppenheimer Capital LLC's role as sub-adviser shall terminate, pending shareholder approval of the proposal. It is anticipated that the Fund will seek shareholder approval at a special meeting of shareholders to be held on or about November 12, 2008. The change will not impact the management fees paid by the Fund, although the sub-advisory fee payable by AGIFM to NACM would increase by the amount of the current sub-advisory fee payable by AGIFM to OpCap.
If NACM takes over option writing responsibilities for the Fund, NACM would implement a different option strategy than that currently implemented by Oppenheimer Capital LLC. The new option strategy would focus primarily on writing call options on individual securities held in the Fund's international equity portfolio, rather than focusing on equity index options.
If approved, the team that has primary responsibility for the day-to-day portfolio management of the international equity portfolio of NAI, Steven Tael and Kunal Ghosh, shall remain the same, and Michael Yee of NACM, shall be the lead portfolio manager with regard to the Fund's option writing strategy.
Mr. Yee, a Senior Vice President of NACM, is a portfolio manager for Nicholas-Applegate Convertible and Income Fund, Nicholas-Applegate Convertible and Income Fund II and Nicholas-Applegate Equity and Convertible Income Fund.
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, currently manage the Fund's international equity component and the Fund's 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.