Plus, Wasatch's new purchase, SEC's million-dollar distribution, and more.
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Lazard Emerging Markets
On or near Emerging Markets' closing date, Lazard Asset Management will introduce Lazard Developing Markets. Unlike its established sibling which uses a value-oriented strategy, the new emerging-markets fund will subscribe to a relative-growth approach. Kevin O'Hare, who previously served as a comanager on Emerging Markets but was taken off it to prepare for this fund's launch, will comanage. Peter Gillespie, who has been with the firm for roughly a year, but has yet to manage mutual fund assets, will also serve as comanager. James Donald, the lead manager on Emerging Markets, will help oversee this fund, but will not run it day to day.
Wasatch to Acquire 1st Source Funds
Wasatch Advisors recently announced its parent company, WA Holdings, will purchase 1st Source Corporation Investment Advisors' lineup of three funds--the $688 million 1st Source Monogram Income Equity
SEC Makes Distribution to Putnam, Janus Investors
Nearly five years after the market-timing and short-term trading scandal rocked the fund industry, the SEC has announced that it will make the first batch of distributions to Putnam Investments Management and Janus Capital Management's investors who were harmed by the firms' misconduct. More than 600,000 affected Putnam investors will receive nearly $40 million and more than 325,000 affected Janus investors will receive more than $18 million. The SEC will ultimately distribute $150 million to Putnam investors and $100 million to Janus investors, which will be funded by the two fund shops.
Changes at Ailing John Hancock Funds
Daniel Cole has replaced comanagers Alan Norton and Henry Mehlman as skipper on JHancock Small Cap Equity
New Shipping ETF Sets Sail
Claymore Securities launched a shipping ETF this week. Claymore/Delta Global Shipping ETF