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.
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 , TCW Small Cap Growth , and TCW SMID Cap Growth , 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 , Wells Fargo Advantage Dow Jones Target 2010 , Wells Fargo Advantage Dow Jones Target 2020 , Wells Fargo Advantage Dow Jones Target 2030 , and Wells Fargo Advantage Dow Jones Target 2040 .
Etc.
Pending shareholder approval in February 2013, Wells Fargo plans several fund mergers in March 2013. Wells Fargo Advantage Diversified Small Cap will merge into Wells Fargo Advantage Small Company Growth (NVSCX). Wells Fargo Advantage Equity Value will merge into Wells Fargo Advantage Intrinsic Value (EIVAX). Wells Fargo Advantage Small/Mid Cap Core 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 into Turner Large Growth . 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 and the $22 million Henderson Japan Focus 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 will be renamed Calvert Large Cap Core in January 2013.
Mutual fund analyst Flynn Murphy and ETF analyst Robert Goldsborough contributed to this report.
