Stacey R. Nutt, a managing director and lead portfolio manager of the quantitative and systematic equity group at Nicholas-Applegate Capital Management, left the company, along with several portfolio managers on his team.
In a statement, Nicholas-Applegate said Mr. Nutt was "terminated … effective March 9" for "behavior" that was not in the best interests of the firm. The statement also said that "several of Mr. Nutt's team resigned later that day." Sue Hunter, a spokeswoman for Nicholas-Applegate, declined to provide further details.
A money management source, who declined to be named, cited talk that Mr. Nutt was about to launch a new money management firm. Mr. Nutt was not immediately available for comment.
Mr. Nutt and his team oversaw 10 predominantly quantitative equity strategies with combined assets of more than $4.5 billion at the end of December, according to research firm eVestment Alliance. The Nicholas-Applegate statement noted the firm owns all of the quantitative proprietary models, and "we do not expect the departures of these individuals to affect our ability to manage systematic portfolios. Horacio Valeiras, our CIO, is leading the firm's quantitative and systematic group and is in charge of growing the team."