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Tuesday, October 13, 2015

Two Co-PMs Leave a $1.2B Suite of Asset Allocation Funds

by: Neil Anderson, Managing Editor

Two co-PMs are stepping down from a $1.2386-billion suite of asset allocation mutual funds. One just left the company, and the other is retiring at the end of the year.

Sandy Lincoln
BMO Target Risk Funds
Chief Market Strategist, Portfolio Manager
In a recent filing with the SEC BMO [profile] revealed that on December 31, chief market strategist Sandy Lincoln "will relinquish his duties" as PM on the BMO Target Risk Funds. And senior PM Brent Schutte left the funds on October 6 after co-PMing them for less than two months.

In an e-mailed statement, BMO Global Asset Management chief investment officer Craig Rawlins confirms that Schutt is leaving BMO on October 16 "to pursue another opportunity" and that Lincoln is retiring "after a very successful career in the asset management industry."

"He's in the process of transitioning his responsibilities," Rawlins says of Lincoln.

Three other co-PMs — senior investment strategist and PM Jon Adams, director of asset allocation strategies Alan Schwartz, and head of multi-asset solutions Lowell Yura — remain on the funds.

"While both Brent and Sandy will be missed, the 12 remaining members of the [multi-asset solutions] team average more than 20 years of investment experience and oversee more than $4 billion of assets under management in multi-asset solutions," Rawlins says.

The suite includes five funds: the $253.3-million BMO Aggressive Allocation Fund, the $526.4-million BMO Balanced Allocation Fund, the $144.9-million BMO Conservative Allocation Fund, the $157.2-million BMO Moderate Allocation Fund, and the $156.8-million BMO Growth Allocation Fund.

The five funds date back to 1994, and for nearly 28 years they were co-PMed by two people: Schwartz and John Boritzke. Lincoln joined the funds in 2013 and Yura joined at the end of 2014. Boritzke left the funds on August 25 of this year, the same day that Adams and Schutte joined the funds. 

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