Among the 49 people who will be cut as part of Nicholas-Applegates 15% staff reduction are Andrew B. Gallagher, head of large-cap growth strategies, and Randall S. Kahn, co-head of international equities and emerging markets, according to the companys prospectus which was amended Wednesday.
Marna C. Whittington, president and CEO, said the international and emerging markets teams will be combined, as will the U.S. large-cap and midcap growth strategies. Some portfolio managers losing their jobs in the restructuring are Michael P. Carroll, a U.S. large-cap growth equity manager; Ernesto Ramos, an international and emerging markets equity manager; and Jessica L.G. Occhialini, an emerging markets equity manager, according to the amended prospectus. Also facing termination are investment analysts David Fujisaki, who covered international equities; Peter S. Moon, who covered global health care stocks; and Rolf Schild, an international equity analyst.
Thomas Bleakley, lead manager on the Nicholas-Applegate Global Technology Fund, and Trisha C. Schuster, lead manager of the Global Healthcare Fund, also are being terminated, according to the prospectus. The firm is merging the two funds into the Global Select Fund early next year, pending shareholder approval, said Ms. Whittington. Jason Campbell and John Mazur will assume investment management responsibility for the technology fund for the interim period, according to company information, and Montie L. Weisenberger will take charge of the health care fund.