Plus: American Century fills a gap, T. Rowe's latest venture, and more.
Asset manager Nuveen Investments
New CIO at American Century
Stephen J. Lurito will join American Century in July as CIO of the firm's U.S. growth equity group. Lurito brings 22 years of industry experience to the newly created position at American Century, most recently serving as CIO at MUUS Asset Management LLC, the manager of both private equity investments and a hedge fund. Before that, Lurito spent the majority of his career at asset manager Warburg Pincus, both before and after its acquisition by Credit Suisse
Lurito's hiring marks another step in recent efforts of new CEO Jonathan Thomas and head CIO Enrique Chang to bring stability to American Century's ranks. Thomas and Chang have focused on hiring industry veterans to lead various investing divisions after some key executive departures in late 2006 and early 2007.
Harbor Large Cap Value Gets New Subadvisor
Cohen & Steers Capital Management is in as the new manager of Harbor Large Cap Value
Cohen & Steers' Richard Helm becomes Large Cap Value's lead manager. A veteran with more than 20 years' experience, Helm will employ a cash-flow-oriented approach, seeking firms with strong dividend growth. He'll also work initially to raise the fund's stock holdings from about 35 currently to between 60 and 80. He's had success with this approach in the past at Principal Inv Equity Income I
T. Rowe Price Ventures Deeper Into Emerging Markets
T. Rowe Price will launch a new Africa and Middle East-focused fund later this year. Chris Alderson, current manager of T. Rowe Price Emerging Markets Stock
Royce Proposes Greater Flexibility for Several Offerings
Royce & Associates is asking shareholders for a lot more leeway in several funds. The firm proposes eliminating foreign securities investment restrictions in eight Royce funds. Other less-sweeping changes include allowing holdings of a particular issue to exceed 10% of that stock's outstanding shares in the Pennsylvania Mutual
Fidelity Nordic Shareholders Reject Merger
The Fidelity Nordic