• / Free eNewsletters & Magazine
  • / My Account
Home>Research & Insights>Fund Times>Artisan Again Seeks to Go Public

Related Content

  1. Videos
  2. Articles
  1. Ideas for Global Growth

    Emerging markets will drive global economic expansion during the next 20 years, and the consumer sector will have significant advantages in these areas, says Artisan fund manager Mark Yockey.

  2. Artisan : High-Quality Mega-Caps Look Attractive

    Artisan's Scott Satterwhite, James Kieffer, and George Sertl, Morningstar's 2011 Domestic-Stock Managers of the Year, explain why they see the best risk/reward trade-off in large, high-quality companies.

  3. Three Frontrunners for CEO of the Year 2012

    CEOs from three moat-worthy firms are in the running for this year's award.

  4. Investors Still Beating a Path to Bonds

    October data show continued inflows for bonds (including riskier fixed-income assets), while investors withdrew money from U.S. stock mutual funds and ETFs.

Artisan Again Seeks to Go Public

After previously withdrawing its IPO paperwork in December, Artisan readies another IPO. Also, Brandes announced its CEO will step down, TCW says goodbye to two PMs, American Century names a new COO, and Wells Fargo reopens some target-date funds.

Morningstar Fund Analysts, 11/09/2012

Artisan Partners has again submitted paperwork with U.S. regulators for an initial public offering.

On Nov. 1, the Milwaukee-based manager, which had a total of $69.8 billion in assets under management as of Sept. 30, filed paperwork with the SEC disclosing its plans to raise as much as $250 million in an IPO. In the filing, Artisan Partners Asset Management said it plans to use unspecified amounts of the proceeds from the IPO to pay down debt, buy back shares from some initial outside investors, pay cash incentive compensation due to certain portfolio managers, and use the rest for general corporate purposes, including working capital.

This isn't Artisan's first attempt to become publicly listed. Back in April 2011, it submitted paperwork seeking to raise up to $250 million in an IPO. However, just eight months later, the firm withdrew its IPO, citing what it called unfavorable market conditions.

According to the registration statement, Artisan would use the ticker symbol APAM.

Brandes CEO to Step Down
Brandes Investment Partners announced recently that longtime CEO Glenn Carlson will be stepping down from his post, effective Feb. 1. Current managing director of investments Brent Woods is slated to take over the position, having been with the firm for 17 years and a partner since 1998. In addition, the firm announced a change to the structure of the Large Cap Investment Committee, creating two committees to each manage half of the firm's large-cap products.

Manager Departures Spark Changes on TCW's Equities Team
TCW portfolio managers Husam Nazer and Brendt Stallings will resign from their roles on the firm's suite of growth-equity funds at the end of December. TCW is promoting two research analysts, Mike Olson and Chang Lee, to step in as portfolio managers on the affected funds. Olson and Lee, who have served on the firm's growth-equities team for seven and six years, respectively, will become comanagers of TCW Growth Equities TGGEX, TCW Small Cap Growth TGSCX, and TCW SMID Cap Growth TGSDX, in addition to the firm's technology and multi-cap growth strategies. Olson and Lee will work together with Nazer and Stallings until the end of the year before taking over their charges outright.

American Century Names New Chief Operating Officer
American Century Investments appointed RiverSource veteran Patrick Bannigan as the firm's new chief operating officer. Bannigan previously served as president of RiverSource Funds and senior vice president and general manager of RiverSource Investments. Bannigan will take over the COO role from Barry Fink, who had announced his plans to retire in February 2013. Bannigan will also serve on American Century's management committee, establishing strategic goals for the firm.

Wells Fargo Reopens Dow Jones Target-Date Funds
Wells Fargo has reopened for purchase the Class A shares of Wells Fargo Advantage Dow Jones Target Today STWRX, Wells Fargo Advantage Dow Jones Target 2010 STNRX, Wells Fargo Advantage Dow Jones Target 2020 STTRX, Wells Fargo Advantage Dow Jones Target 2030 STHRX, and Wells Fargo Advantage Dow Jones Target 2040 STFRX.

Etc.
Pending shareholder approval in February 2013, Wells Fargo plans several fund mergers in March 2013. Wells Fargo Advantage Diversified Small Cap NVDSX will merge into Wells Fargo Advantage Small Company Growth NVSCX. Wells Fargo Advantage Equity Value WLVAX will merge into Wells Fargo Advantage Intrinsic Value EIVAX. Wells Fargo Advantage Small/Mid Cap Core ECOAX will merge into Wells Fargo Advantage Common Stock SCSAX.

Wells Fargo Advantage Total Return Bond MBFAX will be renamed Wells Fargo Advantage Core Bond in December.

USAA is adding an internal team to comanage a portion of USAA Income Stock USISX. The new additions include the firm's asset-allocation leaders Wasif Latif and John Toohey, fixed-income manager Julianne Bass, and director of equity investments Steve Klaffke. The team will focus on adding stocks with above-average dividend yield, dividend growth, and attractive valuation. In addition to USAA's comanagers, the fund will retain its current subadvisors, GMO and Epoch Investment Partners.

Dennis J. McNamara was named a portfolio comanager of Western Asset Inflation Indexed Plus Bond WAFAX. He joins the fund's current comanagers Peter Stutz, Stephen Walsh, and Paul Wynn.

Turner Investments has proposed merging Turner Concentrated Growth TTOPX into Turner Large Growth TCGFX. The firm will seek shareholder approval at a special meeting on Jan. 9, 2013.

Henderson Global Investors plans to liquidate two mutual funds in December. The $8 million Henderson International All Cap Equity HFNAX and the $22 million Henderson Japan Focus HFJAX fund are both expected to liquidate before the end of the year.

Dreyfus will liquidate Dreyfus Basic New Jersey Municipal Money Market DBJXX, Dreyfus Massachusetts Municipal Money Market DMAXX, and Dreyfus Pennsylvania Municipal Money Market DPAXX effective in December.

Calvert Enhanced Equity CMIFX will be renamed Calvert Large Cap Core in January 2013.

Mutual fund analyst Flynn Murphy and ETF analyst Robert Goldsborough contributed to this report.

Morningstar fund analysts cover more than 1,700 mutual funds and write regular commentary covering fund industry news, fund investing trends, picks, portfolio planning, international investing, and more.
blog comments powered by Disqus
Upcoming Events
Conferences
Webinars

©2014 Morningstar Advisor. All right reserved.