New products introduced over the last week include a new dividend and income builder fund from Henderson.
In addition, Vanguard changed advisors for three funds, and Intech announced a new eurozone strategy.
Here are the latest developments of interest to advisors:
1) Vanguard Announces Advisory Changes for 3 Funds; AllianceBernstein Out
Vanguard announced Thursday new investment advisory arrangements for Vanguard Windsor Fund (WNDX), Vanguard International Value Fund (VTRIX) and Vanguard Global Equity Fund (VHGEX), under which AllianceBernstein will no longer serve as an advisor. All three follow a multimanager approach. The funds’ board of trustees added new advisors to manage portions of two funds, and an existing advisor assumed greater responsibility for a portion of the third fund.
WNDX added a new advisor, Pzena Investment Management, which now oversees approximately 28% of the fund’s assets using a classic value investment approach. Wellington Management Co., which has served as an advisor since the fund’s inception in 1958, continues to manage the majority, approximately 71%. The remainder is in cash investments. Pzena portfolio managers Richard Pzena, John Goetz and Antonio DeSpirito have worked together since 1996.
ARGA Investment Management is the new advisor to VTRIX and now advises about 21% of its assets. ARGA invests in undervalued businesses globally under the portfolio manager Rama Krishna, who founded ARGA in 2010, and Steve Morrow. Krishna has more than 20 years of investment experience, most recently at Pzena, where he was a managing principal and portfolio manager. Morrow has more than 19 years of investment experience and has been with ARGA for two years.
Lazard Asset Management continues to manage about 29% of VTRIX, Edinburgh Partners approximately 28%, and Hansberger Global Investors about 19%. Cash investments account for the remainder.