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Week 35: 8/26/2024- 8/30/2024Week 34: 8/19/2024- 8/23/2024- S. Kenneth Leech, Western Asset’s co-CIO, will take a leave of absence and step down as co-manager to eight Western Asset funds, including the Western Asset Core Plus Bond fund ($18.8B); and Franklin Templeton plans to liquidate the Western Asset Macro Opportunities fund ($255M) in October (which Leech has managed since 2013)
- Morgan Stanley Pathway Large Cap Equity fund ($2.6B) and Morgan Stanley Pathway Small-Mid Cap Equity fund ($481M) will reorganize into corresponding exchange-traded funds effective November 15, 2024
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John Lovito has announced his plans to retire on March 31, 2025, and will no longer co-manage three American Century funds, including the American Century Global Bond fund ($3.3B) at the end of 2024
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Blackstone Alternative Investment Advisors and I Squared Capital Advisors file closed-end funds: the Blackstone Private Multi-Asset Credit interval fund and the ISQ Infrastructure Income tender offer fund, respectively
- BlackRock files the iShares MSCI Global Quality Factor ETF and Schwab registers the Schwab Mortgage-Backed Securities ETF
MORE>>Week 33: 8/12/2024- 8/16/2024- Strategic Advisers Large Cap fund ($65.4B) and Strategic Advisers Small Mid Cap fund ($10.6B) will reorganize into the newly-created Strategic Advisers US Total Stock fund
- Allspring files their first six ETFs: the Allspring Income Plus ETF, the Allspring Large Core ETF, the Allspring Large Growth ETF, the Allspring Large Value ETF, the Allspring Core Bond ETF, and the Allspring Core Plus Bond ETF, each of which will be actively-managed
- CreditSuisse Multialternative Strategy fund ($361M) and CreditSuisse Managed Futures Strategy fund ($203M), currently managed by UBS, will each reorganize into newly-created Manteio funds (with each fund’s current lead portfolio manager joining Manteio and continuing to manage the acquired funds)
- Nine Xtrackers ETFs will reduce their advisory fee between 1 to 15 basis points, including the Xtrackers USD High Yield Corporate Bond ETF ($3.5B), which will lower its fee from 20 bp to 5 bp
- Alpha Architect registers eight ETFs, including the sub-advised Alpha Architect US Anti-Dividend ETF and Alpha Architect International Anti-Dividend ETF which will both avoid dividend-paying stocks just prior to the distribution record date and for at least 30 days after the dividend distribution
- Tidal Investments files eight ETFs: six ETFs which will be sub-advised by Zega Financial and will utilize options strategies in achieving its 12% target annual income; and the FIRE Wealth Builder ETF which will invest in underlying ETFs grouped in four equally-weighted categories addressing various economic regimes (Prosperity, Recession, Inflation, and Deflation), and the FIRE Income Target ETF which will utilize a barbell approach, balancing high-yield securities with cash equivalents and low volatility ETFs
MORE>>Week 32: 8/5/2024- 8/9/2024- Clare Hart will retire and will no longer serve as portfolio manager to three JPMorgan funds, including the JPMorgan Equity Income fund ($46.2B)
- The closed-end New America High Income fund ($194M), advised by T. Rowe Price, will reorganize into the open-end T. Rowe Price High Yield fund ($6.9B)
- Chilton Investment Company, DLD Asset Management, Loomis Sayles & Company, One River Asset Management, P. Schoenfeld Asset Management, Portland Hill Asset Management, and RV Capital Management Private will leave the sub-advisory team managing the Franklin Templeton K2 Alternative Strategies fund ($601M)
- BlackRock registers six ETFs, including the iShares International Country Rotation Active ETF, which will invest in securities economically tied to countries outside the U.S. (generally through investment in index ETFs), and will be managed using a rotation strategy to dynamically adjust the fund’s exposure to different countries
- Twenty-two active BlackRock ETFs will rebrand as iShares ETFs (for instance, the BlackRock US Equity Factor Rotation ETF [$10.1B] will be renamed as the iShares US Equity Factor Rotation Active ETF)
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