Effective Sept. 30, 2020, the named managers on this strategy will shrink to two from six. The two remaining managers will be David Hillmeyer and Daniela Mardarovici. Hillmeyer has been at Delaware since 2007, focusing on multisector strategies; he has been comanager on this fund since 2011. Mardarovici is a newer addition, having joined the firm in 2019 from BMO; multisector strategies have been her focus as well. Some impetus for the change has been Roger Early, Delaware’s fixed-income CIO’s, decision to retire effective June 1, 2021. Early had been a named manager on this strategy, though he was not involved in the day-to-day management. Perhaps more importantly, Delaware has decided to no longer follow the fashion of some investment houses who list multiple comanagers and instead decided to limit the manager roster to key decision-makers. Hillmeyer and Mardarovici are clearly emerging as the leading members of the firm’s multisector effort. This last consideration justifies the expectation that no large changes are to be expected from this reshuffle. Apart from Early, who will continue in an advisory role until his retirement, all the other future ex-managers--Adam Brown for bank loans, John McCarthy for high yield, Brian McDonnell for asset allocation and structured product--will continue to contribute to the effort. The strategy thus retains its Neutral rating.
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