Plus, changes at Fidelity, Pax World, Osterweis, and more.
A slew of small-cap funds have reopened in recent weeks, as many shareholders have headed for the exits and managers are spying investment opportunities in a turbulent market. Royce joined the fray this week, opening small-cap focused Royce Low-Priced Stock
Changes are in store for several of Royce's younger offerings. The firm announced plans to revamp two of the firm's one-year-old international funds. On Feb. 15, Royce International Value
Fideilty News, Big and Small
The big news out of Boston this week was the reopening of Fidelity Magellan
In a less monumental development, Fidelity said Brian Younger has left the firm. Younger had managed a variety of sector funds during his career at Fidelity, including a five-year stint on Fidelity Select Telecommunications
Women's Equity Pioneer Remembered
The world of socially responsible investing lost an influential visionary late last year. Linda Pei, founder of the Pax World Women's Equity
Pax World also announced plans to launch three new funds in 2008. Pax World Small Cap will invest in smaller companies across the value-growth spectrum, including as much as 45% of the fund in non-U.S. stocks. Former Citizens Funds manager Nathan Moser will run the fund. Moser spent five years as an analyst and manager at Citizens, which was recently purchased by Sentinel Investments. His most recent assignment was comanager of Citizens Small Cap Core Growth
The firm also will launch the multicap Pax World International and the environmentally conscious Pax World Global Green. Ivka Kalus-Bystricky, formerly of State Street Global Advisors, will run the international fund. The green fund will be run in tandem by Bruce Jenkyn-Jones and Ian Simm. The proposed expense ratios of 1.45%, 1.5%, and 1.55%, respectively, are all high.
Osterweis Bolsters Equity Team
Hermanski's shift to the stock side makes room on the Strategic Income team for Simon Lee, a former high-yield and convertible bond fund manager for Pacific Life Insurance Company. Lee joins Carl Kaufman, who has managed Strategic Income since its inception. The changes shouldn't alter either funds' approach or strategy.
Bernsteinization Marches On
Another legacy Bernstein executive has crossed over to the growth side of AllianceBernstein. Vadim Zlotnikov, who'd been with Sanford C. Bernstein for nearly a decade before the investment-research and money-manager boutique was bought by Alliance Capital in 2000, will leave his post as chief investment strategist at the firm's well-regarded Sanford C. Bernstein institutional research group to step into the newly created role of chief investment officer of growth portfolio analytics. In this new position, Zlotnikov will oversee the development of various quantitative tools to be used by the firm's growth managers and analysts. Zlotnikov's move comes after the firm assigned the former CEO of its Sanford C. Bernstein sell-side research effort, Lisa Shalett, as global research director of growth equities in early 2007.