Plus, news on Waddell & Reed, Third Avenue, Fidelity, Dreyfus, more.
Oppenheimer Funds will close Oppenheimer Developing Markets
Also, Oppenheimer International Small Company
Waddell & Reed Shuffles Its Farm System
Waddell & Reed is making a variety of manager changes at many of its smaller namesake offerings, as well as at some funds at its Ivy subsidiary. Chace Brundige will replace Barry Ogden at Waddell & Reed Advisors Tax Managed Equity
Though not all of the new managers have run funds before, all of them have been with Waddell & Reed for a number of years. The moves seem consistent with the philosophy of developing and rewarding younger in-house talent by providing management opportunities at smaller funds within the family. At the same time, the managers being replaced are free to concentrate on their bigger charges. It's encouraging to see that Waddell & Reed is cultivating its own talent, as long as this particular approach--new managers captaining smaller funds--isn't considered a training-ground for new stars, which could lead to higher manager turnover in those funds.
Third Avenue Small-Cap Value Closing
Third Avenue Small-Cap Value
"We have experienced tremendous cash inflows and we want to responsibly control the growth of the fund," said David Barse, Third Avenue president and CEO in a press release. With assets of $2.3 billion, this small-cap blend fund is more than twice as large as typical rivals, which might make it harder to deploy the fund's assets in a manner consistent with its investment strategy. Moreover, 39% of the fund's assets sit in cash and cash-equivalent investments.