Brain Surgery

Will Nasgovitz is no longer co-PMing the two-star, bronze-rated $1.2-billion Heartland Value Fund [profile]. Will's father Bill Nasgovitz continues to co-PM the fund alongside Brad Evans. The switch comes as Will succeeds Bill as CEO, with CEO remaining on as chairman and chief investment officer.

Also at Heartland, last week the shop named former State Teachers Retirement System of Ohio international equities PM Robert Sharpe as co-PM of the $27.9-million Heartland International Value Fund. Bill Nasgovitz also co-PMs that fund.

They Grow Up So Fast

On May 8 Invesco PowerShares' [profile] PowerShares CEF Income Composite Portfolio ETF hit the $500-million AUM mark. The ETF tracks the three-year-old S-Network Composite Closed-End Fund Index.

Births

On May 9 Invesco PowerShares [profile] unveiled its PowerShares Fundamental Emerging Markets Local Debt Portfolio ETF, for 50 basis points.

Goldman Sachs [profile] has launched the Goldman Sachs Multi-Manager Alternatives Fund.



Vanguard has launched the Vanguard Emerging-Markets Bond Fund.




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