Sign up today and take advantage of member-only content — the kind of timely, cutting edge industry insight that only Money Management Executive can deliver.
  • Exclusive Online Only Content
  • Free Daily Email News Alerts
  • Asset Management Blogs

Executive Briefings


Fidelity Fund Closes to New Investors

Fidelity Investments has closed off one of its funds to new investors.

The investment giant announced last week that the Fidelity Small Cap Discovery Fund will no longer take new accounts as of close of business on Jan. 31.

Fidelity Goes a Mile Higher in Denver

Looks like Vanguard isn't the only company into mass hirings.

Fidelity Investments has announced that it plans to establish a new regional site in Denver.

The opening of the new customer contact center will have the capacity to employ as many as 500 people. The company is already in the process of hiring.

EIG Consents to Carlyle/TCW Deal

EIG Global Energy Partners has reached a deal with the TCW Group whereby EIG will publicly support the buyout of TCW by the Carlye Group.

Under terms of the agreement, EIG will assist TCW in securing investor consents for the deal while TCW will maintain its interest in existing EIG-managed funds, with EIG assuming full management responsibility for the funds as general partner and investment manager. EIG will acquire TCW's economic interest in future EIG-managed Funds, completing the consensual spin-off from TCW that was announced in January 2011.

Russell Strikes a Deal With NYSE

Russell Indexes announced a global alliance with NYSE Euronext to include the transition of RussellTick, an index feed for real-time, intra-day values for the Russell family of indexes to NYSE Technologies' Global Index Feed protocol.

The RussellTick calculation engine is now hosted and managed from NYSE Euronext's U.S. Liquidity Center, home to its U.S. trading, co-location and market data infrastructure.

DWS Global Fund Fires Subadvisor

Global Thematic Partners has been fired as a subadvisor to the DWS Global Thematic Fund (SGQAX), effective January 31, according to a regulatory filing. As a result, the fund will change its name to the DWS Global Growth Fund.

ING Delists Alternative Beta Fund

ING has quietly erased an alternative mutual fund from its portfolio.

According to data from Morningstar, the firm's ING Alternative Beta Fund liquidated on December 7, 2012. At last count, the fund, which started in December 2008, managed some $6.35 million as of November 2012, according to public records.

Vanguard Lets Hansberger Go

Vanguard has dismissed one of the advisors on its $6.8 billion Vanguard International Value Fund (VTRIX).

The 17% portion of the fund that was managed by Hansberger Global Investors for 12 years will be reallocated to current fund advisors Lazard Asset Management and Edinburgh Partners Limited.


Global X Targets Small-Cap MLPs

Indie firm Global X Funds has launched yet another fund last week.

The New York-based company, which prides itself on offering unique, market-exclusive ETFs, has launched the Global X Junior MLP ETF (MLPJ), the first and only ETF to target the small-cap segment of the MLP market, according to Global X.

DoubleLine Reveals Equity Funds

DoubleLine Capital has unveiled its latest equity funds just a few weeks after hiring away two portfolio managers from TCW Group.

According to a regulatory filing, the firm's two new PMs, Husam Nazer and Brendt Stallings, will oversee the DoubleLine Equities Small Cap Growth Fund (DBESX), DoubleLine Equities Growth Fund (DBEGX) and the DoubleLine Equities Global Technology Fund (DBETX).

Lee Munder Preps Market Neutral Fund

Boston-based Lee Munder Capital Group is currently prepping an alternative mutual fund to launch in April.

According to a regulatory filing, the LMCG Global Market Neutral Fund will bet on long and short positions in stocks in the MSCI All Country World IMI Index, which includes securities across large, mid- and small-cap segments in U.S. and foreign developed and emerging markets such as Germany, France, United Kingdom, Japan and Hong Kong.


Pyxis Adds American Funds, Pioneer Sales Vets

Pyxis Capital is ramping up its sales force with the addition of four wholesalers to cover Texas, Illinois, California and the Northeast.

Casey Gage (Texas), Sandie Rodda (Illinois), Terry Riordan (California) and John Caron (Northeast) join a growing team of now 20 Pyxis wholesalers led by Keith Watts, Head of National Sales. The firm expects to hire another 10 wholesalers over the next year.

Longboard Hires Ex-RS Funds' Wirehouse Sales Exec

Cole Wilcox, chief executive officer and chief investment officer of Longboard Asset Management, has some lofty goals for the alternative mutual fund shop this year.

Wilcox told Money Management Executive that the firm plans to raise $300 million for its fledgling Managed Futures Strategy Fund (WAVIX), which launched in November 2012 and is currently managing some $20 million in assets. To that end, Wilcox has hired Clint Kruse as managing director of national accounts to establish relationships with wirehouses such as Morgan Stanley and UBS.

TCW Unveils General Counsel

The TCW Group has appointed Meredith Jackson as its General Counsel, effective January 15.

Jackson joins TCW from Irell & Manella, where she has served as a partner and head of the debt finance practice since she joined the firm in 1999. Jackson is no stranger to TCW having advised MetWest in its deal with TCW.

Pioneer Bolsters Distribution in Europe, LatAm

Pioneer Investments has ventured further into Western Europe and Latin America with a new hire last week.

The Boston-based company announced that it has appointed AXA Investment Managers alum Jon Bailie to serve as head of those regions to lead Pioneer's distribution efforts there.

Analytic Investors Snags GE Sales Exec

Quant shop Analytic Investors has hired Paul Runge as a Director of Business Development to focus on institutional investors, with an emphasis on public pension plans.

Prior to joining the firm, Runge worked at GE Asset Management, where he was responsible for Institutional sales and key client relationships for public, corporate, endowments and foundation plans in the western U.S.


$7.3T Assets held in defined contribution plans in public and private forms, by 2017.

SOURCE: Cerulli Associates

63% of first-time mutual fund owners last year purchased them through employer-sponsored retirement plans.

SOURCE: Investment Company Institute