Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:One Compass Replaces a Sub-Advisor with Three Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, November 18, 2008

One Compass Replaces a Sub-Advisor with Three

News summary by MFWire's editors

One Compass Advisors is replacing one sub-advisor with three after seeing "disappointing investment results" in a bond fund. Jefferson, Indiana-based One Compass hired Baird Advisors, Earnest Partners and Sterling Capital to sub-advise the $396 million New Covenant Fund, replacing Wachovia Corp. unit Tattersall Advisory Group.

"One Compass Advisors and third party consultants worked together to identify factors that contributed to the New Covenant Income Fund's recent disappointing investment results," said Paul Stropkay, One Compass' chief investment officer.

"Having reviewed the findings, the Fund voted unanimously to hire Baird, Earnest, and Sterling," Stropkay said. "We feel confident in their processes, people and philosophies."

Stropkay did not name the consultants that aided One Compass, which is part of the Presbyterian Foundation Group, with its search.

One of the largest faith-based families of funds specializing in socially responsible investing, the New Covenant family encompasses five funds.
Press Release

Jeffersonville, IN (November 18, 2008) – One Compass Advisors, investment advisor to New Covenant Funds, announces the selection of three new sub-advisors to provide asset management services to the New Covenant Income Fund. Baird Advisors; Earnest Partners, LLC; and Sterling Capital Management, LLC will replace Tattersall Advisory Group, Inc., a subsidiary of Wachovia Corporation, as sub-advisors to the New Covenant Income Fund, a no-load bond fund with total assets under management of $396 million as of November 14, 2008.

Each of the three sub-advisors has been selected to carry out a core bond mandate as determined by One Compass Advisors. Baird Advisors, a division of Robert W. Baird & Company, Inc., headquartered in Milwaukee, Wisconsin, manages over $14.5 billion in assets. The firm will pursue a duration-neutral strategy that will attempt to mitigate the risk associated with changes in interest rates. Baird Advisors also has professional expertise in mortgage-backed securities and will manage the mortgage-backed securities sector of the portfolio. Earnest Partners, based in Atlanta, Georgia, manages more than $16.2 billion in total assets. Its bond management approach will emphasize AAA-rated securities that are backed by the full faith and credit of the U.S. Treasury, but are not Treasury securities. Sterling Capital Management, located in Charlotte, North Carolina, has $10 billion in total assets under management and will pursue a strategy that will attempt to capitalize on duration, sector, and credit opportunities. While each of these three sub-advisors has been directed to pursue a core bond mandate on behalf of the New Covenant Income Fund, their approaches are intended to complement one another. Certain assets will be transferred to each sub-advisor in-kind from the current sub-adviser to minimize transaction costs associated with wide bid-ask spreads that prevail at this time.

"One Compass Advisors and third party consultants worked together to identify factors that contributed to the New Covenant Income Fund’s recent disappointing investment results. Having reviewed the findings, the Fund voted unanimously to hire Baird, Earnest, and Sterling. We feel confident in their processes, people, and philosophies,” stated Paul Stropkay, CFA and Chief Investment Officer. “New Covenant Income Fund seeks to achieve returns commensurate with high quality, intermediate term, fixed income securities, while providing current income and preservation of capital,” he continued.

New Covenant Funds is one of the largest faith-based families of mutual funds specializing in a socially responsible investment strategy in the United States. In addition to the New Covenant Income Fund, there are four other New Covenant Funds: a no-load equity fund called New Covenant Growth Fund, two no-load balanced funds (New Covenant Balanced Growth and New Covenant Balanced Income Funds - each comprised of unique allocations of New Covenant Growth and New Covenant Income Fund), and a money market fund, New Covenant Treasury Obligations Fund.

For more information about New Covenant Funds, visit www.newcovenantfunds.org.
 

Edited by: Armie Margaret Lee


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. MFDF Director Discussion Series - Open Forum via Zoom, December 7
  2. 2022 MMI Leadership Pathway Seminar, December 7
  3. 2022 Samfund Annual Celebration, December 7
  4. IMEA In Session - Cyber Security Trends, December 8
  5. U.S. Securities and Exchange Commission Investor Advisory Committee meeting, December 8
  6. MFDF webinar - Investment Valuation and Governance: Deloitte's 20th Annual Fair Valuation Pricing Survey, December 8
  7. Women in ETFs Philadelphia - Holiday Happy Hour With Project Home, December 8
  8. MMI webinar - Defining & Stimulating the Client Experience, December 9
  9. US SIF media webinar: US Sustainable Investing Trends 2022, December 12
  10. Vett Fi Advisor Perspectives Investment Insights Summit 2022, December 13
  11. IDC webinar - Spotlight on the SEC's Swing Pricing and Hard Close Proposals, December 14
  12. 2022 MMI Webinar Sponsored by the MMI Blockchain Finance Forum: Digital Asset Classification, December 14
  13. WE Boston: Annual Give Back Event 2022, December 14
  14. Nicsa webinar - Democratization of Private Assets, December 14
  15. MFDF In Focus: Closed-End Fund Activism, December 14
  16. Crane Data's Money Fund University, Dec 15-16
  17. Crane Data's Holiday Cocktail Party, December 15
  18. MFDF webinar - Impact of 2022 Mid-Term Elections on the Financial Industry, January 10, 2023
  19. IDC's Foundations for Fund Directors, January 11 - 12, 2023
  20. MFDF 2023 Directors' Institute, January 23 - 25, 2023
  21. Exchange: an ETF Experience, February 5 - 8, 2023
  22. 8th Annual Expect Miracles in Manhattan, February 16, 2023
  23. MFDF webinar - Fund Industry Claims Trends: An Insurer's Perspective, March 1, 2023
  24. MFDF 2023 Fund Governance & Regulatory Insights Conference, March 9 - 10, 2023
  25. Crane Data's Bond Fund Symposium, March 23 - 24, 2023
  26. 2023 MMI Summit, March 29 - 30, 2023




©All rights reserved to InvestmentWires, Inc. 1997-2022
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use