Plus, new funds from American and Aston, and more.
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Jeff Arricale, who had managed Analyst Pick T. Rowe Price Financial Services
Arricale's diversified approach to the financials sector has been effective, and the fund has topped 70% of peers over the past three years. His departure is a loss from both a stock-picking and research perspective, and as a result the fund has been removed from the picks list.
American Funds Rolls Out Another New Fund
American Funds filed a prospectus this week for a new mutual fund, American Funds Global Balanced fund. It will invest a minimum of 45% in equities and at least 25% in bonds, including investment-grade issues as well as U.S. government agency and mortgage-backed securities. The fund can also invest in high yield, although that stake will be limited. Foreign non-dollar-denominated government agency and corporate bonds will also be in the mix.
Consistent with American Funds' approach across its lineup, a team of portfolio managers will run the fund. David Riley, Eric Richter, and Paul Flynn will run the equity portion, while Mark Brett and Robert Neithart will manage the fixed-income sleeve. Richter is also on the team managing American Funds AMCAP
The filing didn't contain details on expenses.
After a quiet decade, American Funds has become more active in bringing out new funds. American Funds International Growth & Income
Columbia Acorn Manager to Take Sabbatical
Charles P. McQuaid, president and chief investment officer of Columbia Wanger Asset Management, LLC and lead manager of Columbia Acorn