Industry

Talvest Fund Management of Montreal has announced that it has combined four equity funds into a single new fund, the Talvest Cdn. Multi Management Fund.

Pilgrim Baxter & Associates of Wayne, Pa., a subsidiary of United Asset Management Corp. of Boston, has filed a proxy with the SEC seeking to merge its PBHG International Fund into the PBHG Global Technology and Communications Fund. The consolidation is pending shareholder approval.

Alliance Capital Management of New York has announced that the stockholders of the ACM Government Income Fund, with over $474 million in assets under management, have approved the acquisition of three other Alliance closed-end bond funds - the ACM Government Securities Fund, the ACM Government Spectrum Fund, and the ACM Government Opportunity Fund, which have combines assets under management of over $955 million.

A hostile takeover bid for Mackenzie Financial of Toronto has put Canada's fifth largest Canadian fund company in play. What remains in doubt is whether the victor will be the opening bidder, C.I. Fund Management of Toronto. There is widespread speculation that a rival will come forward, either from within or outside Canada.

Liberty Financial Companies of Boston has announced that it has retained the investment-banking firm of CS First Boston to help review its strategic alternatives, including a "possible sale" of the company. The company also reported preliminary financial results for the third quarter ended Sept. 30.

Neuberger Berman of New York has announced that it intends to acquire the private asset management business of Delta Capital Management LLC, also of New York, which has approximately $550 million in assets under management. Terms of the transaction were not disclosed but it is expected to close before the end of the year. Francis L. Fraenkel and Peter K. Loeb, managers of Delta's private asset management group, will be managing directors at Neuberger Berman's private asset-management group, the firm announced. Both Fraenkel and Loeb specialize in the large-cap growth style of management.

Allianz Group of Munich, Germany will acquire Nicholas-Applegate of San Diego for $2.07 billion, $980 million of it up front and another $1.09 billion contingent upon Nicholas-Applegate achieving a 25 percent annual growth rate over the next five years, Allianz has announced.

The Pioneer Group of Boston, which currently manages $24 billion in assets, last week completed a spinoff of all of its non-investment management businesses and assets, the company announced

Franklin Templeton Investments of San Mateo, Calif. will acquire Fiduciary Trust International of New York for $825 million in stock, forming a company with $280 billion in assets under management, the companies announced last week.

New York Life Investment Management Holdings of Parsippany, N.J. announced last week that it had signed a definitive agreement to acquire the mutual fund and separately-managed account business of Towneley Capital Management of New York. Terms of the deal were not disclosed.