Plus, Ameriprise wins fee battle, Franklin Templeton prevails in market-timing case, and more.
Jeff Gary, who helped launch Third Avenue Focused Credit
Comanager Tom LaPointe, who joined the firm with Gary and who was named to this offering in September 2010, will continue to run the fund. Third Avenue is planning for LaPointe to serve as the sole manager of the $1 billion fund. From its inception through Dec. 15, 2010, the fund has returned 16.1%, lagging the high-yield bond category's 19.1% gain.
Before he arrived at Third Avenue, LaPointe was at Columbia Management, where he comanaged several funds, including Columbia High Yield Opportunity
Ameriprise Financial Wins Fee Ruling
The U.S. District Court in Minnesota has ruled in favor of Ameriprise Financial
The court's judgment in favor of Ameriprise is the first since the Supreme Court affirmed the Gartenberg standard in Jones v. Harris Associates L.P. earlier this year. In 1982, Gartenberg established that expense ratios are reasonable if they are within the range of what might be determined in an arms-length negotiation.
The plaintiffs plan to appeal the decision.
Franklin Templeton Prevails in Market-Timing Case
Late last week, Franklin Templeton won a legal battle in Maryland's U.S. District Court. The case was related to the 2003 market-timing scandals. Franklin was one of a number of fund companies named in class-action lawsuits and was the only firm that didn't settle, although Franklin did pay $50 million in 2004 to settle market-timing allegations with the Securities and Exchange Commission.
American Century Quant Team Changes
American Century recently announced a number of changes to its quantitative equity team.