Germany’s Allianz has reached agreement to acquire San Diego based asset management company Nicholas-Applegate (N-A) for an initial payment of $980 million, and a contingent payment based on future earnings growth.
Founded in San Diego in 1984 by Arthur E. Nicholas and Fred Applegate, N-A had $45 billion under management as of the end of September. It specializes in growth equities and global and emerging markets. It will continue to operate within the Allianz Group in San Diego under Nicholas’ direction.
The move further strengthens Allianz’ leading global position as an asset manager. “With Nicholas Applegate we are adding a strong partner in the US for the equities market to complement Oppenheimer Capital, PIMCO Equity Advisors and Cadence Capital and also have a perfect fit with PIMCO, in the fixed income business,” stated Joachim Faber, who heads responsibility for Asset Management on the Board of Management of Allianz.
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