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Manager Departs T. Rowe Price Analyst Pick

Plus, new funds from American and Aston, and more.

Morningstar Analysts, 11/22/2010

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Jeff Arricale, who had managed Analyst Pick T. Rowe Price Financial Services PRISX since March 2007, resigned Nov. 11. Eric Veiel was named to replace him. Veiel has served on the fund's Investment Advisory Committee for nearly five years, and as an analyst he covers life insurance, asset managers, and brokerage firms. Although he's run a sleeve of the analyst-driven fund T. Rowe Price Capital Opportunity PRCOX since 2006, this will be his first outing as sole manager.

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 AMCPX, Riley is on the team running American Funds Capital Income Builder CAIBX and American Funds Capital World Growth & Income CWGIX (Richter is also on this fund's team), Neithart comanages American Funds Capital World Bond CWBFX, and Brett comanages American Funds Intermediate Bond Fund of America AIBAX.

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 IGAAX launched in October 2008, and two bonds offerings are due out Dec. 1: American Funds Mortgage Fund and American Funds Tax Exempt Fund of New York.

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 LACAX, is taking a three-month sabbatical from Jan. 14 through March 31, 2011. While he's out, the fund's comanager Robert Mohn will serve as lead manager, and he'll be joined by P. Zachary Egan as comanager.

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