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Allianz Global Investors Fund Management LLC Announces Novation of Certain Sub-Advisory Arrangements for NFJ Dividend, Interest

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  Published in Business and Finance on Wednesday, June 9th 2010 at 16:35 GMT by Market Wire
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NEW YORK--([ BUSINESS WIRE ])--Allianz Global Investors Fund Management LLC (aAGIFMa), investment manager to NFJ Dividend, Interest & Premium Strategy Fund (NYSE:NFJ) (the aFunda) announced that, effective on or about August 25, 2010, the Portfolio Management Agreements between AGIFM and Nicholas-Applegate Capital Management LLC (aNACMa), the Funda™s current investment sub-adviser responsible for the Funda™s convertible securities portfolio (the aConvertible Componenta) and between AGIFM and Oppenheimer Capital LLC (aOpCapa), the Funda™s current investment sub-adviser responsible for the Funda™s index option strategy (the aOption Strategya), will be novated from NACM and OpCap, respectively, to Allianz Global Investors Capital LLC (aAGICa), the indirect parent of NACM and OpCap and an affiliate of AGIFM.

NFJ Investment Group LLC (aNFJa), also an indirect subsidiary of AGIC, will continue as the investment sub-adviser responsible for the Funda™s equity portfolio.

As a result of the novations, AGIC, an investment adviser registered with the Securities and Exchange Commission, will replace NACM and OpCap to become the investment sub-adviser for the Fund responsible for both its Convertible Component and Option Strategy. The novations will coincide with a larger corporate reorganization that will transfer the advisory businesses of NACM and OpCap to AGIC. Since 2009, AGIC has assumed a number of non-advisory functions from both NACM and OpCap, and the transactions planned for August 2010 mark the last step in the full integration of these businesses under a single name.

The novations of the Portfolio Management Agreements will not result in any change in the investment objectives or strategies, portfolio management personnel or responsibilities or fees and expenses of the Fund. The name of the Fund and its New York Stock Exchange ticker symbol will remain the same.

The investment objective of NFJ is to seek current income and gains, with a secondary objective of long-term capital appreciation. There can be no assurance that the Fund will meet its objectives.

AGIFM, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Funda™s investment manager and is a member of Munich-based Allianz Group. The Funda™s New York Stock Exchange closing prices, net asset values per share, as well as other information, including updated portfolio statistics and performance, is available at [ http://www.allianzinvestors.com ] or by calling the Funda™s shareholder servicing agent at (800) 254-5197.

Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from further declines in the securities markets and in the Funda™s performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement their operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. Each Funda™s ability to pay dividends to common shareholders is subject to the restrictions in its registration statement and other governing documents as well as the Investment Company Act of 1940.