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Thursday, September 02, 2021

A SoCal Fund Firm's New Chief Will Expand Its Investment Universe

Reported by Neil Anderson, Managing Editor

Watch for the team at a $9-billion-AUMA, 42-employee trio of firms specializing in tactical fixed income asset management to spread their investment wings a bit further.

Albert George "Skip" Schweiss III
Sierra Group of Companies
Incoming CEO
Skip Schweiss (who will take over on October 1 as the first-ever CEO of the Sierra Group of Companies, as previously reported) confirms that the Sierra team will be working on asset allocation funds by incorporating some equities, too. (Santa Monica, California-based Sierra includes Wright Fund Management, which runs the $4-billion-AUM Sierra Mutual funds family.)

"Sierra has traditionally been a fixed income manager," Schweiss tells MFWire. "We are hearing from advisors who use us that they would like to see us get into equity a little bit more."

Schweiss clarifies that such a shift would only be inclusion in sleeves of asset allocation products, like balance funds. He has no interest in launching equity-only funds, he says.

Watch for Schweiss to boost Sierra's capabilities and make alliances as they move to add equities.

"We will be adding to our investment management team," Schweiss says. "We are also in conversations with other managers about what some sort of partnership might look like in that space." 

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