Leuthold Weeden Capital Management, the advisor for the Leuthold funds,
announced 25-year company veteran Andrew Engel recently died. Engel sat on the
firm's asset-allocation committee, worked on the firm's major trend index, and
Core Investment LCORX and Leuthold
Asset Allocation LAALX. Both of those funds had solid records during
Engel's tenure. Indeed, Leuthold Core Investment's 7.5% annualized return the
last decade was tops among aggressive allocation funds. Engel's death comes just
nine months after Steve Leuthold, the firm's founder, stepped back from his
comanager roles at the funds. Both of Engel's funds, though, have firm veterans
as comanagers who remain in place.
Deutsche, Guggenheim Deal CollapsesAfter months of
protracted negotiations, Deutsche Bank DB and
Guggenheim Partners failed to reach a deal for Deutsche's asset-management
business. The Deutsche asset-management arm holds $535 billion in retail and
institutional assets, including the U.S. mutual fund arm, DWS Americas. The
price tag was reportedly around $1.8 billion, but according to a report from
Reuters the deal broke down over a guarantee Deutsche would have to
cover revenue shortfalls for five years. The two parties didn't completely go
their own ways: Deutsche announced on May 11, 2012, that it was in discussions
with Guggenheim for RREEF, a global alternative asset-management business that
was part of the original deal. A price tag wasn't disclosed.
The collapse of the deal leaves DWS in limbo. But news reports suggest firms
J.P. Morgan Chase JPM and State Street STT may bid for the
remaining pieces of Deutsche's asset-management business, including the fund
family. Those firms, though, haven't issued any public comments on a possible
JP Morgan Shifts Manager RolesJP Morgan announced Jason
Alonzo, Dennis Ruhl, and Pavel Vaynshtok are taking over the manager duties at
JPMorgan US Dynamic Plus JPSAX. Previous comanager Christopher Blum was promoted
to head of global-equity solutions for global wealth management within the
asset-management division. Ruhl and Vaynshtok also became comanagers at the
firm's Intrepid fund lineup when Blum stepped down from those offerings. (Alonzo
was already a named manager there.)
Litman Gregory Sheds SubadvisorGold-rated Litman Gregory Masters International MNILX, which divides its assets among several prominent
money managers, has parted ways with subadvisor Mastholm Asset Management.
Litman Gregory says the departure was due to concerns about business-related
risk at Mastholm. Litman added it is currently in the process of looking for a
replacement. Until then, the remaining subadvisors--Marsico Capital Management,
Northern Cross, Third Avenue, Thornburg, and Harris Associates--are still
managing the portfolio. The subadvisor change does not affect the fund's
Morningstar Analyst Rating.
Etc. Invesco Small Companies ATIAX will change its name to Invesco Select
Companies on Aug. 1, 2012.
James Pitman is no longer a named manager on
American Century Small Cap Value ACSCX. The fund is now managed by Benjamin Giele and new
manager Jeff John.
Gordon Scott joined the management team of
Fidelity Stock Selector All Cap FDSSX.
T. Rowe Price filed to launch
T. Rowe Price Institutional Global
Value Equity on July 26, 2012. Sebastien Mallet will manage the fund,
and fund shares will cost 0.75%.
Invesco filed to launch
Invesco Global Opportunities on July
30, 2012. The fund will invest in both U.S. and non-U.S. stocks in primarily
large-cap companies. Nick Mustoe will manage the fund.
MassMutual filed to launch three index funds on July 25, 2012:
MassMutual S&P Mid Cap Index, MassMutual Russell
2000 Small Cap Index, and MassMutual MSCI EAFE International
Index . They will be subadvised by Northern Trust Investments. A
shares of the funds will cost between 0.84% and 0.88%.
UBS filed to launch
UBS Emerging Markets Debt later in 2012.
Uwe Schillhorn will manage the fund, and A shares of the fund will cost
1.25%. Senior mutual fund analyst Bill Rocco and mutual fund analysts Kailin
Liu, Flynn Murphy and Rob Wherry contributed to this report.