Plus, changes at AIM, Fidelity, and Matthews, and more.
Fund-manager-turned-politician James D. Oberweis finally notched a win in the Feb. 5 primary election for the U.S. Congressional seat held by former House Speaker Dennis Hastert. Oberweis, who may be best known for the dairy his family owns, has made multiple unsuccessful runs for public office. But Oberweis secured the GOP nomination in suburban Chicago's 14th District. Oberweis is the former president of Oberweis Asset Management and served as the manager of Oberweis Emerging Growth
AIM Shakes Up Its Growth Team, Names CIO
AIM Investments recently announced the departure of three managers from its struggling growth-fund lineup and named an insider as chief investment officer of the firm's domestic-stock funds. The growth managers who have left the firm include Lanny Sachnowitz of AIM Constellation
Meanwhile Juliet Ellis, the successful manager of AIM Small Cap Equity
'Second-Generation' ETFs Are Almost Here
PowerShares has received preliminary SEC approval to launch four actively managed ETFs, which would be the first of their kind offered in the United States. (Final approval depends on a public review process, which will take place in late February 2008.) This marks a significant step for the ETF industry, as providers have struggled for years to get the green light from the SEC.
Two of the proposed funds, PowerShares ActiveQ and PowerShares Active Alpha Multi-Cap are to be subadvised by AER Advisor. The managers would use a quantitative screening methodology to maintain portfolios of 50 stocks for each fund. PowerShares Active Mega-Cap and PowerShares Active Low Duration would be run by Invesco, also using a quantitative process. The latter seeks to outperform the Lehman Brothers 1-3 Year U.S. Treasury Index through a total return approach.
Fidelity, Matthews Shuffle Managers
Ramin Arani has become the sole equity manager of Fidelity Puritan
Matthews International Capital Management has announced that Paul Matthews, chairman and CIO, and Andrew Foster, director of research, are swapping roles at Matthews Asian Growth & Income
Hedge Fund Settles Late-Trading Charges
Ritchie Capital Management, its investment adviser, founder Thane Ritchie, and employees Warren DeMaio and Michael Mauriello have agreed to pay $40 million to settle charges of illegal late trading. From January 2001 through September 2003, Ritchie Capital placed thousands of late trades in mutual funds and used post-market news and information to illegally profit from stale fund NAVs, says the SEC. The settlement monies will be distributed to the affected mutual funds.