PIMCO rolls out a mortgage-related fund, ING renames its greater China fund and alters its strategy, and Goldman Sachs to shut down three emerging-markets single-country funds.
Kathleen Gaffney, comanager of the $22 billion Loomis Sayles Bond
Given her lengthy tenure and public prominence, Gaffney's departure raises questions about the 79-year old Fuss' succession plans. Fuss, who pioneered the Bond fund's unique benchmark-agnostic approach, remains actively involved in the day-to-day management of Loomis Sayles Bond and several sibling portfolios and has no immediate plans to retire.
Although Gaffney will be missed, the success of the Bond fund has depended on more than one or two individuals for some time. Fuss continues to work closely with Matthew Eagan and Elaine Stokes, both Loomis Sayles veterans who have comanaged the Bond fund since 2007. The two report to chief investment officer Jae Park, who has built out the firm's investment staff and resources over the past several years, with a focus on risk-management, macroeconomic research, and securitized assets. Eagan, Fuss, and Stokes also draw on the work of 40 credit analysts.
As a result, it's unlikely that Gaffney's departure will cause big changes at Loomis Sayles Bond. The strength of the remaining management team and its proven knack for uncovering value across global bond markets still support its Morningstar Analyst Rating of Gold.
Gaffney joins Eaton Vance as co-director of investment-grade fixed income with Tom Luster, and she will report to Payson Swaffield, the firm's chief investment officer for fixed income. Gaffney has not been named on any existing Eaton Vance portfolios, but Swaffield notes that plans for a multisector-bond offering headed by Gaffney are in the works. Eaton Vance's current lineup includes one multisector fund, Eaton Vance Strategic Income EVSGX, which invests in a pool of other funds managed by the firm. Swaffield reports that Gaffney will have individual bond-picking responsibility at her new charge.
PIMCO Launches Mortgage-Related Fund
PIMCO has launched PIMCO Mortgage Opportunities
ING Changes Fund Strategy and Managers
ING is changing the name, strategy, and management team at ING Greater China
Goldman Sachs Closing Emerging-Markets Country Funds
Goldman Sachs plans to shut down Goldman Sachs Brazil Equity