Plus, Vanguard expenses will rise, and more.
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Morgan Stanley has confirmed our expectations and announced that star manager Hassan Elmasry will take his team with him when he leaves later this year to start his own firm. Elmasry, however, will delay his departure until June 15; the firm had previously said he would leave at the end of April. In the meantime, Morgan Stanley is searching for a team to take over the funds and expects to announce a new squad before May.
Elmasry and his team currently run multiple Morgan Stanley funds in the United States, U.K., Australia, and Luxembourg, including Van Kampen Global Franchise
For investors here, there would seem to be little reason to stay around once Elmasry and his team set up shop and offer their new funds, assuming that the new offerings carry reasonable fees and will be available to U.S. investors. If Elmasry's funds become available in the U.S., we will let readers know in Fund Times.
RiverSource Fixed-Income Manager Leaving Firm
Another prominent manager is also leaving his firm. Jamie Jackson, who comanaged four RiverSource fixed-income funds, has decided to pursue other options. He was responsible for Treasuries, agencies, and broad interest-rate strategies for RiverSource Diversified Bond
Western Asset Management Lets Support Staff Go
Western Asset Management has laid off approximately 100 employees, or 10% of its staff, to help bring costs under control. According to the firm, no investment professionals were laid off. The company has seen its assets under management drop more than 15% to around $515 billion from the end of 2007 until the end of last year.
Higher Fees--at Vanguard?
As analyst Dan Culloton noted last week, the unthinkable has come to pass: Vanguard expense have increased in part because of falling asset levels at many of its funds.
DWS to Liquidate Three Funds
On or about June 5, 2009, DWS Core Plus Allocation