Citywire Americas rounds up the biggest news in the funds and Ucits investment universe as reported by Citywire’s global publications.
JP Morgan Asset Management’s head of Asia fixed income, Stephen Chang, left the company after 13 years.
Chang has 22 years of market experience and was named on four funds across global bonds, Asia Pacific bonds, Hong Kong dollar bonds and mixed asset funds at the time of his departure.
He was replaced in his role by Shaw Yann Ho who worked alongside Chang on several funds and was most recently head of Asian credit. She has been with the group since 2011.
Franklin Templeton reopened Edwin Lugo’s European small- and mid-cap equity fund after soft closing it almost five years ago.
The group said it reopened the Franklin European Small-Mid Growth fund on March 5 after formally closing it to new investors on June 3 2012.
Assets in the fund had decreased and the firm said a renewed look at capacity constraints had been undertaken by Lugo and his team. The fund had reached a peak of €952 million ($1.18 billion), but now has €535 million ($663 million), according to the January fund factsheet.
Franklin Templeton decided to liquidate the Korea equity fund formerly overseen by Mark Mobius.
According to a letter sent to shareholders at the end of February, the Templeton Korea fund was viewed as ‘relatively small’ and of limited long-term interest to investors.
The fund, which was launched in 1995, had $32.1 million in assets at the end of February, which left it below the company’s self-imposed threshold for terminating a fund. The fund will be formally closed on May 24.
Deutsche Bank plans to raise up to €1.8 billion ($2.2 billion) from the initial public offering (IPO) of its asset management offering, DWS, the German group announced.
On Sunday, the company announced details of the DWS IPO, which it is expected to launch on March 23.
The pricing indicates the Frankfurt-headquartered group values its asset management arm at around €7.2 billion ($8.9 billion).