Plus, news on an ETF that tracks oil, MFS, Turner, Guinness Atkinson, and more.
Stacey Nutt and five other members of Nicholas-Applegate's systematic equity team have left the firm to form ClariVest Asset Management LLC. Nicholas-Applegate CIO and managing director Horacio Valeiras, who has stepped in to lead the systematic team for now, terminated Nutt on March 9 when it became clear to him that Nutt had made plans to launch his own firm. Nutt and Nicholas-Applegate are in arbitration proceedings. The split was reportedly spurred by a failure to agree on a new compensation plan.
The loss is significant for Nicholas-Applegate. Collectively, Nutt, David Pavan, Todd Wolter, David Vaughn, Frank Feng, and Aerus Tran composed about half of the systematic team. That said, Valeiras is doing all the right things at this point. He's seeking out new team members and concentrating efforts on existing products (rather than expansion). In a heavily quantitative process like the one the systematic team uses at funds such as Nicholas-Applegate Growth Equity
An ETF Pure Oil Play?
Victoria Bay Asset Management LLC, a registered commodity pool operator, will oversee an ETF that tracks the price of crude oil beginning this week. The fund will be traded on the American Stock Exchange and will reflect ownership in United States Oil Fund, LP. The goal of this investment vehicle, according to the investment objective laid out in its prospectus, is to track "the spot price of West Texas Intermediate light, sweet crude oil delivered to Cushing, Oklahoma," less fund expenses, of course.
The fund's manager, Nicholas Gerber, who also runs Ameristock
MFS Adds Comanagers
MFS promoted Nevin Chitkara from analyst to comanager on MFS Value
This month, Gary Lasman will become comanager of MFS Municipal High-Income