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Executive Briefings


ETFs Rake in Over $22B in August

Exchange-traded funds added $22.36 billion in August, driving total ETF assets to $1.22 trillion, according to data from the Investment Company Institute. Over the past 12 months, ETF assets increased $173.89 billion, or 16.7%.

Assets in domestic equity ETFs increased $106.14 billion since August 2011, and global equity ETFs assets rose $4.17 billion during this period.

Gundlach Hunts for Lost Art

Jeffrey Gundlach, the chief executive officer of DoubleLine Capital whose home was burglarized earlier this month, has offered some $1.7 million for information leading to the recovery of stolen artwork, the San Francisco Chronicle reports.

The reward includes $1 million for the recovery of a painting by Piet Mondrian and $500,000 for a Jasper Johns work and two pieces by Joseph Cornell, provided they're not damaged.

Cornerstone Hands Keystone Fund Over to NYLIM

Cornerstone Capital Management, which currently serves as investment adviser to the Keystone Large Cap Growth Fund, has entered into an agreement to sell the fund to New York Life Investment Management, according to a Securities and Exchange Commission filing.

Huntington Trumpets Advisers Trust's Growth

Huntington Asset Services is trumpeting the growth of its Valued Advisers Trust, its second series trust, which recently reached assets under management of $500 million. This brings the total assets served in its two sponsored trusts to $2.3 billion.

Putnam Offers Advisors Social Media 101

Putnam Investments is looking help shorten the learning curve for advisors when it comes to social media. The firm has unveiled a library of videos, articles, and infographics on topics such as optimizing the use of iPads, merchandising apps, and strengthening one's presence on LinkedIn.


Global X Scraps Aluminum, Auto ETFs

Global X Funds, the New York-based provider of exchange-traded funds, is liquidating four funds next month.

The funds to be shelved include: Global X Aluminum ETF (NYSE: ALUM); Global X Auto ETF (NYSE: VROM); Global X NASDAQ 500 ETF (NASDAQ: QQQV) and Global X NASDAQ 400 Mid Cap ETF (NASDAQ: QQQM).

Altegris Preps Long/Short Fixed-Income Offering

Altegris is betting that advisors and investors want fixed-income exposure on both the long and short side via its latest offering, the Altegris Fixed Income Long Short Fund, according to a Securities and Exchange Commission filing.

The fund will bet on the U.S. and foreign fixed income markets with exposure to both investment grade and junk bonds. Altegris has enlisted the help of its subadvisor, RockView Management, a credit hedge fund, to manage the fundamental long short credit and short biased credit portion of the fund.

361 Alpha Fund Drops Subadvisors, Management Fees

The 361 Absolute Alpha Fund has lowered its management fee from 165 basis points to 125 bps, effective Oct. 1, Money Management Executive has learned.

In addition, the fund has also dropped all five of its subadvisors including: SouthernSun Asset Management, Newsouth Capital Management, Brc Investment Management, Tributary Capital Management and Elessar Investment Management, according to data from Morningstar.

Two Janus Funds Merge

The $290 million Janus Global Research Fund is merging into the $1.9 billion Janus Worldwide Fund in January, according to a filing.

The combined fund will be renamed Janus Global Research Fund, but will have the expense structure of Janus Worldwide Fund, which has an expense ratio of 96 basis points.


CLS Reshuffles Management Team

CLS Investments, a third party money manager, has promoted Todd Clarke to the position of chief executive officer. He most recently served as the firm's president. In addition, CLS has appointed Ryan Beach as its new president and John Russel "Rusty" Vanneman as its new chief investment officer.

RBC's Sales Chief Looks For More Sales, Marketing Help

RBC Global Asset Management has added Tom Heflin and Christina Cryer to further drive the expansion of the firm's distribution team.

Heflin joins the team as Managing Director, Institutional Sales Western region, focusing on plan sponsors of public funds, corporate defined benefits, endowments and foundations. He hails from Russell Investments.

As Senior Consultant Relations Manager, Cryer will be working with consultants in the Midwest and Southeast in an effort to reach the institutional market. She previously served stints at Fidelity Investments, Wellington Management and most recently Pyramis Global Advisors.

Bush Joins T. Rowe's Board

No, not that Bush. T. Rowe Price Group's board of directors has elected the Honorable Mary K. Bush as an independent director of the company, effective October 22, the date of the organization's next board meeting.

Palmer Square Unveils Institutional Marketing Chief

Palmer Square Capital Management has officially revealed the hiring of Emily Colella as a managing director, responsible for business development. Money Management Executive previously reported on the Colella's hiring.

Colella's primary focus will be on expanding Palmer Square's presence within the institutional channel. She will also play a key role in guiding the firm's product development plan. She previously served in similar roles at SSI Investment Management, Artisan Partners and Wilshire Associates.


Boston Financial Bids Adieu

Lynette DeWitt, former Research Director - Financial Product Development, Marketing, & Distribution, at Boston Financial Data Services, has left the firm, Money Management Executive has learned.

DeWitt, who came on board last December, previously managed the firm's research initiatives to support new product development in the financial services, consulting, and e-business markets. She could not be reached for comment on her departure.


$18.5T amassed in total U.S. retirement assets as of June 30.

That is down 2% from $18.9 trillion recorded on March 31, 2012.

SOURCE: Investment Company Institute

36% of all U.S. household financial assets were in retirement savings

at the end of the second quarter of 2012.

SOURCE: Investment Company Institute