Nicholas-Applegate Capital Management has sold off its international and U.S. retail fund businesses as part of an effort to concentrate on institutional and high net-worth clients.

Last week, the firm, based in San Diego with more than $30 billion in assets under management, said it had agreed to sell its international mutual fund business with offices in Dublin, London and Asia to Colonial First State Investments of Melbourne, Australia. Colonial said it will pay $15.8 million.

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