This week's notable events and moves:
- Bill Gross Attracts $769 Million to Janus in November
The move by Janus to bring in Bill Gross from Pimco continues to pay off, as his main bond fund received an estimated $769 million in November, bringing total assets to over $1 billion, Bloomberg reports. As of Nov. 28, Janus Global Unconstrained Bond Fund reported assets of $1.21 billion, an increase from $442.9 million from October. Bloomberg notes the fund returned 0.38% in November. Janus said it had about $1.1 billion in U.S. mutual fund deposits in October, the first time in more than three years that clients added net new money. Gross's fund launched in May, and has attracted investors including a $500 million mandate from a vehicle managed by Quantum Partners. The fund has outperformed similar funds in November by 85%, according to Bloomberg.
- Global ETP Market Breaks Asset Record
Exchange traded products broke its asset gathering record after attracting $40.1 billion year-to-date and reaching $267.9 billion, according to BlackRock researchers. The surge was led by U.S. investors returning to equities, which garnered $36.1 billion in concentrated in large cap funds, researchers reported. London-based research firm ETFGI predicts that global ETP assets will break through the $3 trillion milestone in the first half of 2015. The NNA flows in November represents the fourth largest month on record, ETFGI reports.
- Target-Date Funds Digest Most 401(k) Contributions
Target-date funds are expected to capture 90% of 401(k) contributions by the end of the decade, according to a report by research firm Cerulli Associates. "The market for target-date funds is highly competitive given the industry's expectations for future flows," says Jessica Sclafani, senior analyst at Cerulli. "Target-date funds captured nearly 40% of flows in 2013, and we expect this number to more than double before the end of the decade." Asset managers that do not have a proprietary target-date product, she adds, will be forced to reevaluate their DC strategy.
- J.P. Morgan Executive Appointed Commonfund CEO
After two decades of investment management experience with J.P. Morgan, Catherine M. Keating will join Wilton, Conn.,-based Commonfund as CEO. Keating most recently was head of investment management in the Americas at J.P. Morgan. Her new role at Commonfund, which is an investment manager for not-for-profit investors, dovetails with her personal interests as she is involved in a number of organizations, including chairing the Villanova University board of trustees. Keating is expected to begin in February. "I am thrilled to join Commonfund, as I have long admired its mission and success over the past four decades," she said in a statement.
- Satori Capital Names CFO
Dallas-based multi-strategy investment firm Satori Capital named Willie Houston as its chief financial officer. Houston most recently was senior director of financial operations at TPG. His responsibilities at Satori will include oversight of all financial and compliance aspects for the firm's private equity business and its alternative portfolio management platform. His career includes serving on Ernst & Young's business advisory services team and roles with BNSF Railway, Lockheed Martin and AT&T.
- Novus Selects Managing Director
John Trammell joins New-York based analytics platform Novus as managing director in its New York offices. Before coming to Novus, Trammell was co-head of global asset management at Cantor Fitzgerald.
