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

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

Rating:What's Up With PMs? U.S. News Notes That They Are Coming and Going At An Alarming Clip Not Rated 5.0 Email Routing List Email & Route  Print Print
Wednesday, August 07, 2013

What's Up With PMs? U.S. News Notes That They Are Coming and Going At An Alarming Clip

News summary by MFWire's editors

Look out, PMs. It looks like your job is a little less secure than it was a year ago.

There has been a shakeup in PMs this year, U.S. News and World Report's Rob Silverblatt writes, with 665 funds having swapped out at least one PM in 2013 so far, according to Morningstar data prepared for the publication.

"Funds have been shaking up their management teams at an alarming clip," he writes.

Silverblatt writes that if the trend continues at this pace, that number could swell to more than 1,000 by the close of the year. In comparison, only 783 funds experienced such a change in 2012. In 2011, that number was 747, and in 2010, it was 626, he writes.

Morningstar looked for scenarios where one manager left and another joined soon after. Silverblatt says the data does not explain if the person who joined came to the specific post left by the PM, or what the conditions for leaving necessarily were.

Silverblatt reports that a large number of high-profile funds have been among those shaking things up. S&P Capital IQ data shows that 40 U.S. stock funds with more than $500 million AUM have had management changes.

Silverblatt spoke to S&P Capital IQ's director of research, Todd Rosenbluth, who pointed to Lord Abbett & Co. [profile] as an example of a fund that is making changes after mediocre performance, bringing on PMs Walter Prahl and Rick Ruvkun. Silverblatt writes that Rosenbluth is concerned the managers have limited experiencing running Lord Abbett's specific kind of strategy.

Silverblatt quotes Rosenbluth as saying, "It's hard to view that change and say things are going to get better. But only time well tell."  

Edited by: Casey Quinlan


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

5.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
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




©All rights reserved to InvestmentWires, Inc. 1997-2018
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use