Brown Brothers Harriman launches a concentrated large-blend fund investing in U.S. and foreign stocks; Vanguard reopens its Capital Opportunity fund to individual investors; Franklin Templeton rolls out an emerging-markets bond fund; USAA seeks permission to create actively managed ETFs; and ...
New fund launches provide a peek into the corporate culture and stewardship practices of the firm behind the fund. Rolling out trendy new funds--tech vehicles in the late 1990s, say, or real estate funds in the mid-2000s--can generate torrential inflows and increased revenues for a fund firm. Investors in those funds, though, aren't likely to be well-served.
Brown Brothers Harriman is the opposite of trendy: Prior to the March 28 launch of BBH Global Core Select, the New York-based bank hadn't put a new fund on the shelves in more than a decade.
The new offering will invest domestically and abroad using the same bottom-up, relatively concentrated strategy in place at sibling BBH Core Select
In addition to strategy, the funds will share managers: Tim Hartch and Mike Keller of BBH Core Select are on the management team of the new fund as well.
Vanguard Reopens Capital Opportunity to Individuals
Check out our special Fund Times breaking-news report from April 3 on Vanguard's announcement that it is reopening Vanguard Capital Opportunity
Panoply of Perkins Portfolio Manager Changes
Perkins Investment Management announced a raft of portfolio manager changes and the launch of a new fund. The manager changes are, in part, a domino effect spurred by the departure of 15-year veteran Todd Perkins, comanager of Perkins Small Cap Value
Taking Todd Perkins' place on Small Cap Value is Tom Reynolds, an analyst with the company since 2009. Reynolds, who has covered financials for the firm, will be phased in as a portfolio manager--standard procedure at the firm--so comanagers Bob Perkins (the firm's founder) and Justin Tugman will continue to make the bulk of the decisions. Tugman will take Todd Perkins' place as a comanager on Perkins US Strategic Value.
Meanwhile, Kevin Preloger, a comanager on Perkins Large Cap Value