Pilgrim America Capital today announced the acquisition of the $1.4 billion retail mutual fund business of Nicholas-Applegate, including its bundled 401(k) plan platform, for $22.5 million. The deal, subject to shareholder and regulatory approval, is expected to close in four months.
Pilgrim America has wanted to enter the pension market for some time and the acquisition of Nicholas-Applegate's bundled 401(k) business ``allows us to do that without the pain of set-up,'' said James R. Reis, vice chairman and CFO.
