Plus, PIMCO shutters three funds while T. Rowe creates a new one.
Another solid manager is leaving bond-fund giant PIMCO, and that has set in motion a string of changes within the company's fund management and trading ranks.
Gang Hu, who helped Mihir Worah manage the highly successful PIMCO Real Return
For now, PIMCO can handle the current domino effect without wide-scale disruption of its portfolio managers. Chris Kemp will be leaving the short-term bond group for the Treasury team and will be assuming some of Seksaria's duties. Andrew Wittkop is leaving the Treasury group to become a senior member on the short-term team. Brendon Shvetz is moving from the short-term team to the global group and will focus on currency trading.
And There Is More Change at PIMCO
In further news, PIMCO is shuttering three small funds this summer.
PIMCO Fundamental IndexPLUS Fund
Elsewhere, PIMCO Developing Local Markets
T. Rowe Price to Open New Fund
T. Rowe Price filed to launch T. Rowe Price Emerging Markets Local Currency Bond on May 26. The fund will invest in bonds denominated in emerging-markets currencies or derivatives that provide emerging-markets bond exposure. In the last few years, several other shops have launched unhedged local-currency funds as some investors look to cut U.S. dollar exposure. Of the 20 emerging-markets local-currency funds, 14 have been opened in the last year.
Andrew Keirle and Christopher Rothery will manage the T. Rowe fund. Rothery has been with the company since 1994, and Keirle joined T. Rowe in 2005. The London-based pair also has been managing a similar strategy for institutional investors in the T. Rowe Price Funds SICAV--Emerging Local Markets Bond Fund since 2007. Now the strategy will be available to retail investors, said T. Rowe spokeswoman, Heather McDonold.