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Week 44: 10/28/2024- 11/1/2024- Schwab files the actively managed Schwab Core Bond ETF, which will invest in investment grade U.S. dollar denominated debt securities of any maturity and duration
- Capital Research and Management registers two sub-advised interval funds, the Capital Group KKR Core Plus+ fund and the Capital Group KKR Multi-Sector+ fund
- T. Rowe Price files the T. Rowe Price Capital Appreciation Premium Income ETF and the T. Rowe Price Hedged Equity ETF, a fund of ETFs which will be managed by Sean McWilliams who also manages the $3.8B T. Rowe Price Hedged Equity fund
- Putnam Small Cap Growth fund ($2.7B) will close to new investors, effective January 15, 2025
- Franklin Templeton Investment Management will replace Putnam Investments Limited on the sub-advisory team of 79 Putnam funds, in connection with Franklin Templeton’s acquisition of Putnam
MORE>>Week 43: 10/21/2024- 10/25/2024- Robert H. Bergson has announced his intention to retire effective May 1, 2025, and will no longer manage two Northern Trust funds, including the Northern Small Cap Value fund ($1.1B), which will reduce its management fee by 50 basis points to 0.45% at the start of 2025
- JPMorgan and Thompson Siegel & Walmsley will replace T. Rowe Price on the sub-advisory team of the Bridge Builder Tax Managed International Equity fund ($1.9B)
- Sajjad Hussain will help co-manage two JPMorgan funds, including the JPMorgan Mortgage-Backed Securities fund ($5.9B)
- Five T. Rowe fixed income funds modify their advisory fees, including the T. Rowe Price Summit Municipal Intermediate fund ($4.5B) which will go from a breakpoint schedule to a flat rate fee of 0.27%, and the T. Rowe Price Tax Free High Yield fund ($3.4B) which will reduce the individual fund fee component of its fee schedule from 0.30% to 0.17%
- Nuveen registers the Nuveen Municipal Income ETF and the Nuveen High Yield Municipal Income ETF
- Sweater Industries registers the Jetstream Venture fund, an interval fund, which will primarily invest in equity securities of start-up to early growth stage companies and private venture capital funds
- Tidal Investments files two ETFs: the Kick BRK 2x Long Daily Target ETF and the sub-advised USCF Daily Target 2X Copper Index ETF, which will seek two times the returns of Berkshire Hathaway and the SummerHaven Copper Index, respectively
MORE>>Week 42: 10/14/2024- 10/18/2024- BlackRock registers the actively managed iShares Large Cap Accelerated ETF, which will seek twice the positive return of the iShares Core S&P 500 ETF (up to an approximate upside limit) and a downside performance that tracks the negative return over each quarter of the underlying fund
- The Fidelity Small Cap Growth fund ($7.8B) and Fidelity Small Cap Growth K6 fund ($3.2B) will be closed to new investors
- Tidal Investments registers eight Battleshares ETFs, a series of actively managed funds that will utilize long positions in new industry leaders and short positions in legacy leaders to capitalize on share price outperformance and underperformance, respectively
- Jeff Callahan and Bryan C. Davis will succeed Scott J. Peterson in co-managing the Principal Core Fixed Income fund ($11.3B), effective March 31, 2025
- Adam Marden will succeed Quentin S. Fitzsimmons in co-managing the T. Rowe Price Dynamic Global Bond fund ($3.9B)
- First Trust files two tender offer funds: the FT Vest Total Return Income: Series A4 fund and FT Vest hedged Equity Income Series A4 fund, which will both pursue a hedged equity strategy by investing in the S&P 500 index, mitigating risk of loss of principal by purchasing a downside hedge against the index, and targeting a net annual income of 15% and 12%, respectively
- Hamilton Lane Advisors registers the tender offer Hamilton Lane Private Secondary fund, which will invest through a tactically constructed portfolio of private equity investments on the secondary market
MORE>>Week 41: 10/7/2024- 10/11/2024- Grantham Mayo registers two fund of funds, including the GMO Multi-Asset Credit fund, which will utilize quantitative forecasts of fixed income asset class returns and proprietary risk modeling for corporate defaults, credit risk, and interest rates
- Eric Schoenstein, Jensen Investment Management's CIO, will retire and will no longer help manage the Jensen Quality Growth fund ($9.1B), effective March 1, 2025; concurrently, Schoenstein will sell his entire 33% equity interest back to Jensen Investment Management
- BNY Mellon will replace State Street Bank and Trust as administrator, custodian, and transfer agent to 77 WisdomTree funds, including the WisdomTree Floating Rate Treasury fund ($17.1B) and WisdomTree US Quality Dividend Growth fund ($14.6B)
- Saturna Capital registers the socially conscious Amana Real Estate Securities fund, which will seek real estate-related companies and Islamic income-producing investments linked to real estate that demonstrate sustainable characteristics
- Hamilton Lane Advisors files the HL Scope RIC LLC fund, which will invest directly and indirectly in private assets in the primary or secondary market (Direct Credit Investments)
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