Beth Foos: On March 28, Wells Fargo Asset Management announced that veteran muni manager Lyle Fitterer will exit the firm on July 1, 2019.
Fitterer, who has been with the firm for roughly 30 years, currently serves as the head of the muni fixed-income team and co-head of the firm’s global fixed-income team. He’s also a named portfolio manager on the majority of the muni strategies, including Wells Fargo Municipal Bond.
His comanager on this strategy since 2008, Robert Miller, is expected to remain on the effort after the change. Miller will be supported by two other veteran managers from the firm: Wendy Casetta and Terry Goode.
The strategy will continue to benefit from a well-resourced team, a solid research-based approach, and an attractive price tag. However, Fitterer really was the powerhouse behind this distinctive strategy, and he will be missed.
The change promoted a downgrade from the fund's Morningstar Analyst Rating of Silver to Bronze.