Plus, a First Eagle manager resigns, Putnam fires manager, and more.
American Century Investment Management is planning to shake up its fund lineup's share class structure, which will result in many more of the funds going toward the load option. According to the firm, the intention is to replace a complicated and confusing share class structure with a straightforward one that individuals and advisors can better understand.
The changes, should they be approved by fund shareholders, will result in an increase in the load fund lineup from 26 funds to 39 total, including some prominent options. For instance, in the large-cap space, American Century Equity Income
The changes don't stop with equity funds, however, as several fixed-income options (in both the taxable and municipal lineups) will also be making the move to load share classes. For example, American Century Inflation-Protection Bond
Investors should expect to see proxies mailed in mid-April, though even if successful, the no-load Investor share classes would not close until Sept. 28, according to the firm.
Major Manager Change at First Eagle
A surprising turn of events hit First Eagle Funds on March 26, when manager Charles de Vaulx resigned from the funds' advisor, Arnhold and S. Bleichroeder. Since the beginning of 2005, de Vaulx had been sole manager of First Eagle Global
Replacing de Vaulx is the funds' former manager, Jean-Marie Eveillard, who had run First Eagle Global (formerly known as SoGen International) from 1979, and the other younger funds since their inceptions, at first alone and later with de Vaulx. A cautious and patient value-oriented manager, Eveillard racked up an outstanding long-term record during his tenure, even though the funds lagged during the technology-fueled rally of the late 1990s. Eveillard, who turned 67 earlier this year, had retired at the end of 2004.
First Eagle officials say they will not provide any details on the reasons for de Vaulx's departure at this time, and they are not giving a precise estimate for how long Eveillard is expected to manage the funds during this go-round, though they do say it's more likely to be for just a few years rather than long-term.
Putnam Research Dismisses Manager
Putnam Investments' has fired Mark Bogar from Putnam Research