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Wednesday, April 05, 2017

What's Next for Redwine?

Reported by Katy Golvala

Last week, Joe Redwine officially confirmed that he'll be retiring as president of U.S. Bancorp Fund Services. He has held the position for 26 years. Yet he's not riding off into the sunset just yet.

Joe Redwine
U.S. Bancorp Fund Services
Outgoing President
So what do you do after heading up a business for more than a quarter century?

"I'm going to stay active in the industry," Redwine tells MFWire.

He serves on the board of one mutual fund, and says he may consider joining a second.

In terms of industry trends, Redwine's got his eye on the shift to passive products. Even though he's seen subtle shifts in asset class preference from time to time, he says the shift to passive is the first time this type of phenomenon has occurred.

As a response, he says many of his active manager customers are looking to expand through acquisition. Yet he strongly urges against trying to jump on the passive train if that's not what you're good at.

"If you try to mimic that trend in any way, shape, or form, you can become what can be known as a closet indexer. Long-term, that's not a very sound strategy. Stick to what you're good at," explains Redwine.

Though Redwine is stepping down as president this month, he's not officially retiring until the end of July. In the interim, he and Joe Neuberger, Redwine's newly appointed successor, will meet with many of their customers to do a face-to-face hand-off.

"He's super with customers. There's nobody better," Redwine says of Neuberger. 

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