American Century promotes analyst to three funds
American Century Investments has promoted analyst Jim Zhao to be a portfolio manager on the $1.6 billion American Century International Growth fund, the $1 billion American Century NT International Growth fund and the $9.7 million American Century Focused International Growth fund, according to recent Securities and Exchange Commission (SEC) filings.
Zhao has been a member of the team that manages the funds since 2009, when he joined American Century from Oppenheimer Capital.
Launched in 1991, the International Growth fund has returned 17.8% over the past three years and ranks 22 out 41 International Large-Cap Growth funds tracked by Citywire.
Deutsche to merge away gold fund
The merger is dependent on shareholder approved and if approved will occur on December 11.
The Deutsche Gold & Precious Metals fund has closed to new investors in preparation for the merger, according to a SEC filing.
The Gold & Precious Metals fund is ranked 14 out of 20 Precious Metals Equity funds tracked by Citywire for three-year total returns to the end of October. Over that time it was up 21.3% compared to the average Gold & Precious Metals which was up 26.8%.
A Deutsche spokeswoman could not be reached for comment in time for publication.
Schwab expands low-cost index mutual fund line-up
Charles Schwab Investment Management (CSIM) has launched three new low-cost index mutual funds, which will be available for purchase on or about December 20.
The three new funds are:
- Schwab US Large-Cap Growth Index fund
- Schwab US Large-Cap Value Index fund
- Schwab US Mid-Cap Index fund
With no investment minimums requirements, the three funds have a single share class and total annual fund operating expenses of four to five basis points. In addition, these fees will be waived from the launch of the funds through June 30 2018.
CSIM is the third largest index fund provider in the industry, currently offering 36 index strategies including both mutual funds and exchange traded funds (ETFs) with $155.9 billion in assets under management.