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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 |
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Tuesday, December 20, 2022 A $463B-AUM Firm Adopts a Familiar, $635MM Duo A $463-billion-AUM (as of September 30), PE-backed asset manager has adopted a familiar, $635-million-AUM pair of liquid alternative mutual funds. Yesterday, the Allspring Global Investments [profile] team confirmed that they have completed the adoption of two funds from Hamilton Lane Advisors, LLC, as planned. The $631-million-AUM 361 Global Long/Short Equity Fund has transformed into the Allspring Global Long/Short Equity Fund, and the $4.4-million-AUM 361 Domestic Long/Short Equity Fund has transformed into the Allspring U.S. Long/Short Equity Fund. Both funds have been powered, since inception, by what is now Allspring's Systematic Edge investment team, and that team will continue to power both funds. Both adopted funds were previously advised by Hamilton Lane and previously subadvised by Analytic Investors (now known as the Systematic Edge team), which Wells Fargo Asset Management (WFAM, Allspring's predecessor organization) acquired in 2016. Both funds are now advised by Allspring Funds Management, LLC, with Allspring Global Investments, LLC serving as subadvisor and Allspring Funds Distributor, LLC serving as distributor. Both funds are now series of the Allspring Funds Trust. The dual adoption, which was unveiled back in August, comes after Hamilton Lane bought 361 Capital, a liquid alts shop, in early 2021. Harin de Silva, president of Allspring's Systematic Edge team, and David Krider, a portfolio manager on that team, will continue to PM the Allspring Global Long/Short Equity Fund, as they have since its inception back in 2014. The fund comes in four flavors: A shares (AQAQX) with an expense ratio of 269 basis points, plus up to 575 bps in front-end load; C shares (ASGCX) with an expense ratio of 344 bps, plus up to 100 bps in deferred load; Institutional shares (AGAZX) with an expense ratio of 236 bps; and R6 shares (AGAQX) with an expense ratio of 226 basis points. De Silva and Ryan Brown, another PM on the Systematic Edge team, will continue to PM the Allspring U.S. Long/Short Equity Fund, as they have since its inception back in 2016. Like its sibling, the fund comes in four flavors: A shares (ADMQX) with an expense ratio of 276 bps, plus a load of up to 575 bps; C shares (ADSCX) with an expense ratio of 351 bps, plus up to 100 bps in deferred load; Institutional shares (ADMZX) with an expense ratio of 243 bps; and R6 shares (ASLRX) with an expense ratio of 233 bps. The freshly adopted funds' other service providers include: SS&C's DST Asset Manager Solutions, Inc. as dividend disbursing agent and transfer agent; KPMG LLP as independent accounting firm; and State Street Bank and Trust Company as custodian and fund accountant. Printed from: MFWire.com/story.asp?s=65289 Copyright 2022, InvestmentWires, Inc. All Rights Reserved |