Plus, a new manager for Oppenheimer Global Allocation, another manager leaves the subadvisor for Laudus' U.S. large-cap growth fund, Oppenheimer Commodity Strategy Total Return undergoes a portfolio management change, and more.
ING U.S., which intends to spin off from its Dutch parent ING Groep N.V.
ING U.S. filed an S-1 in November 2012 indicating its intent to go public. The spinning off of its U.S. subsidiary has been signaled by ING Group for several years, as part of its settlement terms with the Dutch government after the firm was bailed out during the financial crisis. ING will not begin the rebranding process until 2014 and expects the process to take up to 24 months. In the meantime, ING funds will continue to be marketed under the ING name.
New Manager for Oppenheimer Global Allocation
Oppenheimer Global Allocation
Three of Oppenheimer Global Allocation's former managers are no longer involved with day-to-day management duties. Arthur Steinmetz, Krishna Memani, and George Evans, who've been involved with various fixed-income and equity offerings for years, had comanaged this fund since 2010. Hamilton's most recent portfolio-management experience was on world-allocation offering AllianceBernstein Dynamic Asset Allocation ADAAX. His experience overseeing investments in a broad range of asset classes seems to be a better fit for the Global Allocation fund compared with Steinmetz, Memani, and Evans who each specialize in either fixed income or equities. That said, Hamilton ran Dynamic Asset Allocation for less than two years. And prior to that, he spent just less than two years on the management team of the AllianceBernstein Retirement Strategy target-date series. Those track records are too short to be indicative of Hamilton's prospects on Global Allocation.
Laudus/UBS Loses Another Large-Cap Growth Team Member
Laudus Growth Investors US Large Cap Growth
Kemp's record as sole manager was excellent, and his departure prompted a downgrade of the fund's Morningstar Analyst Rating to Neutral from Bronze. That said, there was reason for optimism: Console and Bye were promoted from the fund's analyst team, and Graham had provided oversight as head of growth investing strategies at UBS since 2003.
The fact that Bye and Graham remain on board is reassuring, but Console's departure is significant: He had been part of the analyst team since 2005. (Bye came on in 2010.) It is also adds to broader concerns about attrition at UBS.
More Changes at Oppenheimer Commodity Fund
A few weeks after announcing a strategy shift at Oppenheimer Commodity Strategy Total Return