College savings just got a lot cheaper and more.
Henry Berghoef, comanager of the Gold-rated large-blend fund
Despite Berghoef's upcoming departure, the fund retains its Morningstar
Analyst Rating of Gold. That's thanks to Nygren's strong record here and at his
New York Direct-Sold 529 Plan Drops
College savers take note: New York's direct-sold 529 plan just became the cheapest of any nationally available plan. On May 7, 2012, New York announced all of the plan's investment options dropped each of their total expense ratios to 0.17% from the previous price of 0.25%. Vanguard serves as the plan's investment manager, and with the fees now at 0.17%, the plan's expenses are roughly in line with those charged by the Gold-rated Vanguard Target Retirement series of mutual funds. 529 plan investment options have typically been more expensive than their mutual fund counterparts, such as target-date funds. The fee cuts were part of a new, 7-year contract agreement between Vanguard, Upromise Investments (the plan's program manager), and the state of New York. The plan has over $11 billion in assets and is the largest direct-sold plan in the nation.
New York has a second advisor-sold 529 plan that has also undergone some changes. Last year, the state announced that JP Morgan Asset Management would take over as investment manager, replacing Columbia Management. On May 7, 2012, the assets in the plan officially transitioned to JPMorgan. As part of the management change, the plan was renamed New York's 529 Advisor-Guided College Savings Program. It includes one age-based option, seven static asset-allocation portfolios, and 16 static portfolios. Most of the underlying investments are managed by JP Morgan with a few SPDR exchange-traded funds included as well. The age-based option is run by the same management team that oversees the Silver-rated JPMorgan SmartRetirement series of mutual funds.
Tradewinds Reopens Funds, Shifts Managers
Tradewinds Global Investors, a subsidiary of Nuveen Investments, has reopened
Tradewinds also recently announced that Emily Alejos and Drew Thelen will now run Nuveen Tradewinds Global Resources NTGAX. The fund previously was run by Iben, Alberto Jimenez Crespo, and Gregory Padilla. (Crespo and Padilla are two of the managers following Iben to Vinik Asset Management.) Alejos and Thelen became the firm's co-CIOs following Iben's announcement and took over Global All-Cap at that time, too. Alejos continues to comanage Nuveen Tradewinds Emerging Markets NTEAX, and Thelen still manages Nuveen Tradewinds Small-Cap Opportunities NTSAX.
Institutional investors are still concerned about the departures at
Tradewinds. Russell announced this week that it removed Tradewinds as a
Pioneer CEO Steps Down
Pioneer Investments CEO Roger Yates is stepping down, according to a news release from the firm's parent, UniCredit Group. Yates will be replaced by Sandro Pierri, pending approval by Pioneer’s board of directors in July. Pierri joined Pioneer in 2003 and most recently served as head of Pioneer's Western Europe and international operations, and CEO of Pioneer Investments, Italy.