TIAA-CREF and Henderson to start a new global real estate investment management company, Invesco High Yield Municipal opens back up to investors, Utah's Gold-rated 529 program cuts costs and adds funds from DFA, and Calamos seeks to begin issuing actively managed ETFs.
Friess Associates, the advisor for the Brandywine funds, announced that its employees are buying back a majority ownership stake in the firm from Affiliated Managers Group AMG. The price tag of the deal was not announced.
Friess is the advisor for the $800 million, Neutral-rated Brandywine BRWIX, the $301 million, Neutral-rated Brandywine Blue
Under the new arrangement, the assets in the existing Brandywine funds will transfer to three new funds. Friess will become a subadvisor to the funds and the managers also will remain in place. There will be some noticeable changes, though. Fees are expected to slightly decline and the funds will carry AMG's Managers Trust naming convention. Shareholders of the individual funds need to approve the deal, which should happen by September.
AMG paid $241 million in cash in 2001 to buy 51% of Friess Associates. It purchased another 19% interest in Friess Associates in 2004, with the remainder owned by Friess employees. Firm founder Foster Friess was not part of the buyout, but he is a fund shareholder.
TIAA-CREF Joins Forces With Henderson
TIAA-CREF has partnered with European investment manager Henderson Global Investors to launch a new global real estate investment management company. The joint venture, TIAA Henderson Global Real Estate, combines TIAA-CREF's existing European real estate business with Henderson's European and Asia-Pacific real estate ventures. TIAA-CREF will hold a 60% interest in the new business, which will have roughly $20 billion in assets. TIAA-CREF's head of global real estate Tom Garbutt will serve as chairman of the new business. Henderson's managing director of property James Darkins will serve as CEO.
The new venture won't have an immediate impact on retail fund investors, though both firms have discussed exploring other partnerships. Presently, certain Henderson mutual funds are offered through TIAA-CREF's brokerage arm.
Other investment managers are also shoring up their global real estate assets in an attempt to appeal to institutional clients. This joint venture announcement comes just one month after BlackRock BLK announced it will buy real estate investment firm MGPA, doubling the amount of money it has invested in global real estate to $25 billion, according to news reports.
Invesco's High-Yield Muni Fund Reopens
The Neutral-rated Invesco High Yield Municipal