Nicholas Applegate Capital Management, a fund management subsidiary of German insurer Allianz, is closing its US value equities funds in a further sign of disruption at the division.

The company runs $1.3bn (€1bn) in US large-cap value and US small-cap value equities â about 9% of the group's total assets.

Nicholas Applegate closes US value equities after staff cuts

Renée Schultes

Allianz

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

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Tricks of the trade gain new importance as 401(k) accounts open up to alternative investments.

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The private-equity firm’s profit rose amid what its executives called the best environment for selling assets in years.

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