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Eaton Vance's Equity CIO Duncan Richardson to Retire

Management changes on a Gold-rated Matthews fund, Fidelity to close Fidelity Ultra-Short Bond to most new investors, and a flurry of management changes on Invesco's large-cap growth team.

Morningstar Fund Analysts, 07/25/2013

Duncan Richardson, Eaton Vance's chief equity investment officer since 2001, is retiring on Oct. 31, 2013. Richardson has managed Eaton Vance Tax-Managed Growth CAPEX, the flagship of the firm's extensive line of tax-managed funds, since 1990. He's also managed Eaton Vance Tax-Managed Equity Asset Allocation EAEAX since its 2002 inception, and he previously ran Bronze-rated Eaton Vance Large-Cap Value EHSTX from 1994-2000 and Eaton Vance Large-Cap Growth EALCX from 2002-2009.

Thomas Faust, Eaton Vance's CEO and chairman, will take over Richardson's CIO role while the firm looks for a successor. At Eaton Vance Tax-Managed Growth, the remaining team of Lewis Piantedosi, Michael Allison, and Yana Barton will continue to run the fund. (Richardson had ceded day-to-day management of the portfolio several years ago.) The firm will name a new manager for Eaton Vance Tax-Managed Equity Asset Allocation before Richardson departs.

Manager Changes at Matthews Funds
Jesper Madsen has given up his lead manager position on Gold-rated Matthews Asia Dividend MAPIX. Yu Zhang and Robert Horrocks have taken over as lead managers on the fund. Madsen remains a comanager on the fund, as well as on Bronze-rated Matthews China Dividend MCDFX, and will remain in those roles until Oct. 31, 2013, to help smooth the transition, after which he will retire.

Zhang has been a comanager on the fund since March 2011. He started as a comanager on Matthews China Dividend in April 2012 and was promoted to lead manager of that fund in April 2013, when Madsen went from lead manager to comanager on that fund. Zhang joined Matthews in 2007 and has worked on Matthews Asia Dividend and Matthews China Dividend during his tenure. The funds have significant overlap in portfolio and strategy.

Horrocks, who also serves as the CIO of Matthews, has been the sole lead manager of Silver-rated Matthews Asian Growth & Income MACSX since April 2012. Previously he served as a co-lead manager and comanager on the fund. The fund has strategic similarities and portfolio overlap with Matthews Asia Dividend. The two funds currently have 19 names in common out of roughly 65 holdings each. 

Fidelity to Close Fidelity Ultra-Short Bond
Fidelity will close Fidelity Ultra-Short Bond FUSFX to most new investors on Aug. 2, 2013. The fund suffered extremely poor performance from 2007 through 2009, and its asset base diminished considerably. The fund currently holds $397 million in assets under management.

Management Shuffles on Invesco's Large-Cap Growth Team
On July 22, Ryan Amerman stepped down as comanager of Neutral-rated Invesco Summit SMMIX. Amerman has joined the firm's international growth team, leading the domestic U.S. equity sleeve of the firm's global funds. He was replaced by Ido Cohen, currently the comanager on Neutral-rated Invesco American Franchise VAFAX. Both funds have been in flux in recent years, with changes at the helm and among the analyst team. Erik Voss, lead manager on both funds, joined Invesco from J&W Seligman in 2010--as did Cohen--and has replaced two members of his analyst team since he came on board. The team also added an analyst to cover the industrials sector (Amerman's former sector) and materials sector and is in search of a replacement for an analyst to cover the energy sector.

Former Goldman Sachs PM Donald Mulvihill Dies of Leukemia at 56
Longtime Goldman Sachs portfolio manager and executive Donald J. Mulvihill Jr. died on July 19 in the Chicago area at age 56 after a 15-month battle with leukemia.

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.

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