Enterprise Capital Management has tapped Nicholas-Applegate Capital Management to subadvise seven new retail mutual funds for its $9 billion Enterprise Group of Funds. These are the first funds from the complex that Nicholas-Applegate will advise.

Victor Ugolyn, chairman, president and chief executive officer of Enterprise, explained that one reason for the selection of Nicholas-Applegate was the opportunity to be the vehicle to once again offer the manager through retail funds. Obviously, the firm is hoping to attract assets from intermediaries who have suddenly found their clients cut off from Nicholas-Applegates services.

Nicholas-Applegate sold its own retail fund family to Pilgrim America more than a year ago. Although it stayed on as subadvisor to those funds, Pilgrim America was itself ultimately purchased by ING which recently began taking over many of the duties for the funds from Pilgrim America.

"The is a very attractive alliance for all parties," Ugolyn told the MutualFundWire.com. He added that the firm is offering its expertise in picking global health care stocks to the retail market for the first time through one of the funds. Until now Nicholas-Applegate had only offered that investment style to institutional accounts.

"We are very pleased to be able to offer our shareholders access to the well acclaimed investment expertise of Nicholas-Applegate Capital Management which, in the past, has received notable recognition by such rating organizations as Morningstar and Lipper. The investment brokerage and financial planning community knows and respects the investment discipline that Nicholas-Applegate Capital Management provides their investors," he added in a statement.

The specific funds which will be subadvised by Nicholas-Applegate Capital Management are:

Enterprise Large-Cap Fund

Enterprise Mid-Cap Growth Fund

Enterprise Worldwide Growth Fund

Enterprise Emerging Countries Fund

Enterprise International Core Growth Fund

Enterprise Convertible Securities Fund

Enterprise Global Health Care Fund

All of the funds carry a sales load.

 

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