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Executive Briefings


NEWS SCAN

Goldman Publishing Daily 'Shadow Values' of Money Funds

Goldman Sachs says it will begin publishing values of the assets held in its money market mutual funds in the United States on a daily basis.

The first funds for which the daily market values will be published are its money market funds that invest in commercial paper. Those values were published January 9.

Palmer Buys Fountain Cap

Palmer Square Capital Management is bringing another asset management shop into its fold.

The firm announced last week that it is acquiring a majority interest in Kansas City-based Fountain Capital Management, a high yield bond and bank loan-focused shop. Fountain was advised by Colchester Partners.

DoubleLine Can't Stop Hiring

DoubleLine Capital announced more investment professional hires just days ago, but don't expect that to be the only hiring the Los Angeles firm's got in the works.

Ron Redell, the president of DoubleLine Funds Trust and executive vice president of DoubleLine, tells Money Management Executive that the company is also looking to expand its client service resources and equities platform as well. Hires will be made within the first quarter, he said.

Morningstar Bestows Four Stars on Gabelli ABC Fund

Mario Gabelli is starting 2013 off on the right track.

That's because Gabelli Funds, the mutual fund adviser of GAMCO Investors, announced that the market-neutral Gabelli ABC Fund has been awarded four stars by Morningstar.

Should Branding be Mutual Funds' Top Priority for 2013?

Cerulli Associate's got the formula for asset managers to attract advisers. The elements? Strong client service, useful website and a recognizable brand.

According to the January issue of the U.S. Asset Management Edition of The Cerulli Edge, firms recognize the increasing importance of branding. Thirty-three percent of asset managers and readers surveyed by Boston-based Cerulli reported that their firm-wide focus for 2013 is building brand awareness.

PRODUCTS

Goldman Preps MLP Fund

Goldman Sachs Asset Management is currently prepping a master limited partnership fund to launch within the next few months.

According to a regulatory filing, the Goldman Sachs Master Limited Partnership Fund will bet on a portfolio of master limited partnership investments and will be managed by Kyri Loupis and Ganesh Jois.

Driehaus Preps Event Driven Fund

Chicago-based Driehaus Capital Management is looking to add another alternative mutual fund to its lineup within the next few months.

According to a regulatory filing, the firm is looking to launch the Driehaus Event Driven Fund sometime in April. The fund will piggyback on bankruptcies, mergers, acquisitions, "earnings surprises" as well as government and regulatory agency rulings to bet on a broad range of asset classes, including fixed-income and floating rate debt securities, loans and common stocks. American Depositary Receipts and Global Depositary Receipts, options, futures and swaps.

Evercore Shelves Macro Fund

The Evercore Wealth Management Macro Opportunity Fund, a diversified mutual fund offering, is closing after just a little more than a year on the circuit.

The fund, which bets on fixed income, equity, currencies and commodity-linked instruments and launched in November 2011, is liquidating on February 14 because of "the anticipated redemption of substantially all assets of the fund" according to a regulatory filing.

ARRIVALS

Northern Trust Hires Ex-State Street Operations Exec

Nancy Grady has joined Northern Trust as Head of Fund Administration and Fund Accounting-Americas, overseeing fund accounting, regulatory administration, financial reporting, tax and other services for registered and unregistered mutual fund products.

Previously, she was a senior executive at State Street Corp., overseeing operations responsible for providing accounting and fund services to asset management firms on a global basis.

BMO Nabs Another Russell Alumnus

Another Russell Investments executive has joined BMO Financial Group.

This time, Ben Jones joined the firm's defined contribution team, reporting to Matt Smith, head of retirement services for BMO Global Asset Management.

The new defined contribution investment only manager previously served at Russell as director of defined contribution, responsible for managing all aspects of Russell's intermediary distribution of retirement plan products across the U.S.

SEC Chairman Names Legal Eagle

Newly appointed Securities and Exchange Commission Chairman Elisse Walter last week unveiled the agency's latest General Counsel in the form of Geoffrey Aronow, who will begin his new role later this month.

As the SEC's chief legal officer, Aronow will lead the Office of the General Counsel in advising the Commission on issues ranging from enforcement actions, rulemakings, and legal proceedings in federal courts throughout the country. Aronow replaces Mark Cahn, who left the agency this month.

Hartford's CFO Gets Frosty Reception

It's one big happy family for Hartford Mutual Funds, which announced today five new additions to its team.

Former Janus Capital Group chief financial officer Gregory Frost, was appointed chief financial officer of the Radnor, Pa.-based company. In addition, Hartford also hired four external advisor consultants to serve wirehouse and non-wirehouse firms in New York, northern California and Washington, D.C.

DEPARTURE

Morningstar Loses CFO, Adds Sales Chief

Scott Cooley, chief financial officer at Morningstar will resign from his post this year but the company expects him to remain in his role until it names a replacement. Cooley has served as Morningstar's chief financial officer since 2007.

In addition, James Tanner, has joined Morningstar as global head of business development and sales. Tanner most recently served as Markit's vice chairman of business development and before that its head of global distribution.

STATISTICS

7.1% of defined contribution plan participants changed the asset allocation of their account balances and 4.9% changed the asset allocation of their contributions, in the first half of 2012.

SOURCE: Investment Company Institute

287 mutual funds launched in 2012.

Forty-seven were alternative funds.

SOURCE: Morningstar


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