NEWS SCAN
Two Value Line Funds Change Names
Value Line Funds, a $2 billion mutual fund complex, has changed the name of two of its mutual funds "to better reflect their investment objectives and strategies."
Specifically, the Value Line Emerging Opportunities Fund has been renamed Value Line Small Cap Opportunities Fund (VLEOX) effective January 1, 2013, and the Value Line Aggressive Income Trust also changed its name to Value Line Core Bond Fund (VAGIX) in December 2012.
Ned, Abby Johnson Make Billionaire List
Forbes has compiled its list of the world's billionaires and a few mutual fund executives have made the cut.
Most notably, Abigail Johnson, who last September was named president of Fidelity Investments, came in at No. 74 with a net worth of $12.7 billion. Her father, Ned Johnson, trailed his daughter at No. 166 ($7 billion).
Fidelity, Vanguard Top 401(k) List
Attention fund managers: Want to know if your fund is the best of the best among 401(k) plans?
Kiplinger, with the help of BrightScope, a retirement-program data collector that ranks 401(k) plans, has released its list of mutual fund studs and duds found in 401(k) and 403(b) plans.
In the large company category, the pub named Fidelity Contrafund (FCNTX) as "among the best" because the fund's portfolio manager, Will Danoff, "has outpaced the market over the long haul - and has done so with below-average volatility."
According to the pub, the Vanguard Group and T. Rowe Price funds regularly rank among the top 20% of their target-date fund peer groups over the long haul.
Scout on the Lookout for Equity, Fixed Income Buys
It's been two years and a half since Scout Investments purchased Columbus, Ind.-based fixed income shop Reams Asset Management. Now it's ready to buy more.
Andy Iseman, chief executive officer, told Money Management Executive that he's interested in augmenting the Kansas City, Mo.-based fund firm's capabilities, particularly in the "value space" on the equity side.
Russell Demotes Greece to Emerging Market
Russell Investments, which advises funds with $2.4 trillion in assets, will reclassify Greece to an emerging from a developed market, an unprecedented step taken after a recession reduced the nation's economy by 20%.
Greece, which was raised to developed market status by the adviser in 2001, has failed one or both of Russell Indexes' economic and operational risk assessments each year since 2011, according to a note on the company's website. The relegation will force managers to buy and sell shares to align holdings with their funds' criteria.
State Street Eyes the UK
What's State Street Global Advisor's next big destination for expanding its retirement business?
The U.K. is where it's at, said Frederik Axsater, global head of defined contribution.
"The U.K. market is very interesting. It's rapidly evolving and growing," Axsater said.
RESEARCH
Global ETFs, ETPs Rake in $11 Billion
Last month, exchange-traded funds and exchange-traded products globally had net inflows of $11.4 billion, according to ETFGI. Year-to-date through February 2013, ETFs and ETPs have seen net inflows of $49.1 billion.
PRODUCTS
Driehaus Dumps L/S Credit Fund
Chicago-based Driehaus Capital Management is liquidating its Driehaus International Credit Opportunities Fund (DRCIX) after a year of less-than-stellar performance.
According to a regulatory filing, the fund is closed to new investors effective as of March 5 and will liquidate on March 12. The fund is actively managed and bets on both long and short positions in debt securities (both sovereign and corporate), equity securities and currencies. It managed some $27 million as of the end of December 2012.
ARRIVALS
Neuberger Berman Beefs Up Asian Operations
Neuberger Berman has appointed Hirofumi Gomi, former commissioner of the Financial Services Agency (FSA) of Japan, as executive adviser of its East Asian operations, effective March 1.
Gomi, based in Tokyo, is currently chairman of the PricewaterhouseCoopers Research Institute Co., where he will consult to Neuberger Berman on the East Asian regulatory environment, financial administration, capital markets and corporate governance.
Mirae's Execs Play Musical Chairs
South Korea-based Mirae Asset Global Investments has just named a new chief executive officer, president and chief operating officer for its U.S. subsidiary, Mirae Asset Global Investments (USA), effective immediately.
Specifically, Peter Graham has been named chief executive but will retain his role as president of the Mirae Asset Discovery Funds and Head of Marketing & Product Development. Robert Mulligan has also been named president and retains his role as Head of Sales and Distribution. Graham and Mulligan assume the positions previously held by Joon Kwun, who is relocating to Seoul to assume a senior management position leading the firm's business development initiatives across Asia. And Robert Shea has been promoted to chief operating officer from his role as Head of Finance and Operations.
Fred Alger Picks Up Allianz International Team
In an effort to expand its "investment abilities in international equity markets," Fred Alger Management has hired a team of experts from Allianz Global Investors, the New York-based firm announced last week.
The group includes Pedro Marcal, who was most recently an international portfolio manager for EAFE core growth/Pacific Rim investments at Allianz.
DEPARTURE
A Forward Exec Moves On
Paul Schaeffer, managing director, Strategy & Thought Leadership, at alternative mutual fund shop Forward, is calling it quits after more than five years on the job, Money Management Executive has learned.
Shaeffer started his latest post at Forward in August 2010.
