Plus, a new fund and a fund's founder retires.
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On Jan. 12, Jim Catudal took the reins of Fidelity Growth & Income
Cohen's replacement is Jim Catudal. He's managed Fidelity Stock Selector
Thornburg Loses a Manager
Brad Kinkelaar, one of the co-portfolio managers of Thornburg Investment Income Builder
When the Going Gets Rough
T. Rowe Price will launch a new bond fund, T. Rowe Price Strategic Income
Brandywine's Founder Retires
Following the latest meeting of the Brandywine Funds board of directors, the board announced that Foster Friess chose to end his tenure as an active director. Foster's retirement from the board became effective Dec. 31, the 23rd anniversary of Brandywine Fund's
Actively Managed ETFs on the Way
Grail Advisors has filed a registration statement for two new actively managed ETFs. The Grail American Beacon Large Cap Value ETF will be managed against the Russell 1000 Index benchmark and the Grail American Beacon International Equity ETF will be managed against the the MSCI EAFE. The funds represent the industry's first actively managed ETFs that use traditional active management. The funds are similar to mutual funds in that they will allow unrestricted trading by the portfolio managers.
Madoff Burns More Fund Firms
The fund industry's largest victim of the unfolding Madoff fraud is still Oppenheimer Funds. Its Tremont Group Holdings hedge-fund firm had more than $3 billion invested with Madoff. Pioneer Investments has been wounded as well. The fund shop, which is a unit of Italian company UniCredit, has confirmed that it had $1.1 billion invested in Madoff vehicles, most of it through Austria's Bank Medici. The losses were primarily borne by international institutional investors in Pioneer Alternative Investments' Primeo Select and Primeo Executive funds, Pioneer says.