MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, October 15, 2013 Morningstar: WAMCO's Talent Shuffle Warrants Watching Legg Mason's [profile] institutional fixed income arm Western Asset Management still has a lot of promise for investors, but keep track of all its moving parts, Morningstar senior fund analyst Michelle Canavan writes. "We believe there's reason for continued optimism in the firm's overall prospects, but some recent personnel changes warrant a watchful eye," she writes in her Fund Spy column. Canavan notes such changes as the hiring Ivor Schucking for credit analysis, Ken Winston as head of risk management, and Anup Agarwal as head of structured products. However, the company has seen turnover, for example WAMCO's credit-analyst ranks have "gone through a shakeup"-- with half of the team joining after 2009. Moreover, two key people have retired or plan to: agency MBS sector head Steven Fulton did so as of Sept. 30th and CIO Steven Walsh as of April 1, 2012. Kenneth Leech is currently serving as co-CIO with Walsh until his retirement. Canavan concludes by writing that "WAMCO's significant investments in firm resources and improvements to the investment and risk management processes help bolster confidence that the firm should continue to find success, but they do raise some concerns that are worth keeping a close eye on." Printed from: MFWire.com/story.asp?s=46417 Copyright 2013, InvestmentWires, Inc. All Rights Reserved |