Wells Fargo is dropping Hingham, Mass.-based specialty asset management firm Crow Point Partners as a subadvisor on three of the wirehouse’s funds, effective on or about Oct. 15.
Crow Point Partners is being cut from the Wells Fargo Global Dividend Opportunity Fund, Wells Fargo Utility and Telecommunications Fund and Wells Fargo Utilities and High Income Fund, Wells Fargo said Thursday in separate announcements.
Explaining the company’s reason for the change, Wells Fargo Asset Management spokesman Robert Julavits told ThinkAdvisor Friday: “Following a recent evaluation and recommendation by Wells Fargo Asset Management, Wells Fargo Funds determined that it is in the best interest of shareholders to make several changes to these funds, including to the investment strategies, fees and subadvisors.”
The investment objectives of the three funds remain unchanged, according to Wells Fargo. The “primary investment objective” of the Global Dividend Opportunity Fund remains “a high level of current income” and its “secondary objective” the long-term growth of capital.”
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The investment objective of the Utilities and High Income Fund continues to be “a high level of current income and moderate capital growth, with an emphasis on providing tax-advantaged dividend income.”
And the Utility and Telecommunications Fund’s “total return objective” continues to be investing “at least 80% of the fund’s net assets in utilities and telecommunications companies,” but “some changes” will be made to align it principal investment strategy with the approach of the Wells Fargo Asset Management Compass Equity team that will assume management of the fund.
Beyond Investing Introducing Vegan ETF
Beyond Investing will start listing the new US Vegan Climate Exchange Traded ETF ( VEGN) on the New York Stock Exchange Sept. 10, the company said
The firm is touting VEGN as the “world’s first vegan-friendly and climate-conscious” ETF, saying in its Aug. 12 news announcement that “animal advocates and environmentalists now have an ethical stock investment option that is both cruelty-free and fossil-fuel free.”
The new ETF will track the US Vegan Climate Index (VEGAN) launched by Beyond Investing in June 2018, Beyond Investing said, adding the index takes the Solactive US Large Cap index and “excludes any stocks whose activities are incompatible with a vegan and climate-conscious approach to investing, replacing damaging stocks with midcap alternatives that meet its ethical criteria.”
The fund “avoids investing in companies whose business models rely on animal exploitation – predominantly testing and animal-derived products – as well as removing fossil fuel and environmental threats such as plastic and agrochemicals, which are harmful to wild animals,” the company said.
“Our aim is to help vegans and animal activists take the pain out of their portfolios,” Claire Smith, CEO of Beyond Investing, said in a statement.
RIA Launches New Succession Program to Help Retiring Advisors
RIA Trust Advisory Group launched TAG 2.0, a new succession program designed to help retiring financial advisors.