Columbia files to launch active ETFs, Eagle secures new team, the SEC backs off money fund reforms, and more.
Calamos Investments CLMS has hired Gary Black, former CEO of Janus, as its global co-chief investment officer. Black will join the firm's investment committee and will oversee portfolio management, research, trading, and risk management. Black will share those responsibilities with firm founder John P. Calamos Sr. At the same time, Nick Calamos will step back from his role as president of investments and co-chief investment officer. Nick Calamos will remain an advisor to the firm and will continue to serve on its board of directors.
Black is best-known for his stint at Janus Capital Group
After leaving Janus, Black founded his own firm, Black Capital. That firm's investment team, which helped run a long/short strategy, will become part of Calamos, too. However, the team will work out of an office located in New York City. Black is expected to spend most of his time in the firm's Naperville, Ill., headquarters.
This is the second deal for Calamos in as many months. The firm announced in July 2012 that it had hired a three-person value equity team from American Independence Capital Management.
Columbia Set to Launch Active ETFs
Columbia is moving deeper into the actively managed exchange-traded fund market. The firm, which last year acquired Grail Advisors and its five active ETFs, recently filed with the SEC to launch an additional 17 funds, including 10 fixed-income offerings. Twelve of the new ETFs will be similar to existing Columbia funds like Silver-rated Dividend Income
According to the filings, the funds will post their holdings on a daily basis. The holdings and weightings of the ETFs may slightly differ from their open-ended cousins due to trading dynamics. One key question mark is fees; the filings don't disclose whether the new ETFs will charge fees lower than their open-end cousins.
Columbia is trying to build off the beachhead it created when it bought Grail Advisors, an early pioneer in actively managed ETFs. The Grail funds, which now trade under the Columbia name, have a combined $25 million in assets. Industrywide, active ETFs have struggled to attract assets. PIMCO Total Return ETF
The move puts Columbia on a different course from some of its competitors. Russell recently announced it would liquidate all but one of its ETFs. FocusShares announced a similar move earlier this month, and Direxion said it would close nine of its triple-leverage ETFs in September 2012. The liquidated ETFs, though, were passively managed.
SEC Throws in the Towel on Additional Money Market Reforms
After spending two years developing additional money market regulations, the SEC has released a statement declaring they will not move forward. After months of delays, three commissioners have confirmed they would not vote in favor of the proposal, halting the reform process and avoiding a public vote. According to the statement, the proposal would have included two alternative steps, a floating NAV or capital buffers.
In her statement, chairman Mary Schapiro urged other policy makers to continue the fight for reform. The Financial Stability Oversight Council, a body created from the Dodd-Frank act, is likely to take up the cause, potentially classifying money markets funds as systemically important, which would require stricter oversight of the funds.
For now, this is a big win for money market giants such as JP Morgan JPM, Fidelity, Schwab
PIMCO Switches Performance Benchmarks
PIMCO is switching the performance benchmarks at several of its funds. The Silver-rated PIMCO Fundamental IndexPLUS
In addition, PIMCO Inflation Response Multi-Asset
Invesco Managers Step Down
Peter Ehret has left Invesco IVZ. Ehret served as lead portfolio manager for Invesco High Yield
Eagle Secures New Management Team
Chuck Schwartz, Betsy Pecor, Matt Spitznagle, and Matt McGeary have officially joined Eagle Asset Management. Schwartz, Pecor and McGeary will be named managers on Eagle Mid Cap Stock
Walter Riddell will retire from his position as comanager at Morgan Stanley Global Franchise MSFAX and Morgan Stanley Institutional International Equity
Hal Ratner is no longer listed as part of the management team on Transamerica's retail asset allocation funds. Ratner is chief investment officer of Europe for subadvisor Morningstar Associates (a wholly owned subsidiary of Morningstar, Inc. MORN). Three other current portfolio managers remain on the funds.
The board of trustees at Northern Trust
Touchstone Emerging Markets Equity II
Kara Murphy was added as a comanager on SunAmerica Focused Multi-Asset Strategy
Transamerica filed to launch the Transamerica Income & Growth and Transamerica Enhanced Muni open-end funds.
Thomas Cole is now a portfolio manager on Transamerica Select Equity, joining Jerrold Senser and Thomas Wenzel.
Neuberger Berman filed to launch the Neuberger Berman Dynamic Real Return fund. According to the filing, the fund will invest in inflation-linked bonds, junk bonds, MLPs, REITs, commodities, and equities. Thanos Bardas and Andrew Johnson will manage the fund. The pair are also on the management team of Neuberger Berman Core Bond
CMG Absolute Return Strategies