Nicholas-Applegate Capital Management acquired Duncan-Hurst Capital Management's international equity business, said Sue Hunter, a Nicholas-Applegate spokeswoman. Terms were not disclosed. The deal comprised $140 million in assets under management, said William H. "Beau" Duncan Jr., founder, chairman and CEO of Duncan-Hurst.
Nicholas-Applegate was "looking to augment its international equity business," Ms. Hunter said. It also allows Duncan-Hurst to focus on its core U.S. growth equities business, Mr. Duncan said.
As part of the transaction, Nicholas-Applegate became interim adviser for the $35 million Duncan-Hurst International Growth mutual fund. Fund shareholders will vote in the next few months on whether Nicholas-Applegate will become the permanent adviser.
Duncan-Hurst's three-person international equity team joined Nicholas-Applegate as part of the transaction. Vincent Willyard is lead portfolio manager for the international growth strategy. Joseph Devine, portfolio manager-Pacific Rim, and Barry Kendall, investment analyst, will report to Mr. Willyard, Ms. Hunter said.