PNC loses bond manager after 14-years
Senior bond manager Timothy Compan is to leave PNC Capital Advisors at the end of the month, leaving behind $1.24 billion across six fixed income funds.
On September 28, Compan will come off the $571.1 million PNC Ultra Short Bond fund, $251 million PNC Limited Maturity Bond fund, $195.5 million PNC Intermediate Bond fund, $165.4 million PNC Total Return Advantage fund, $32.2 million PNC Bond fund and $27.2 million PNC Government Mortgage fund.
Compan is also a lead portfolio manager on the firm’s Core, Core Plus, and High Yield strategies. These duties will be taken on by Rhoderick and John Graziani.
Compan has been with the firm since 2003 when he joined from Goldman Sachs Asset Management where he was a corporate bond trader.
BNY Mellon adds manager to core equity fund
O’Neill has been on the fund since 2009 and Rhi has been with the firm since 2004.
Over the last three years, the fund has returned 33% compared to the average Large Cap Core fund which returned 28.7% over the same period.
A spokesman could not be reached for comment in time for publication.
Maier's preferred bonds
New York-based exchange-traded fund (ETF) provider Global X Funds has launched the Global X US Preferred ETF (PFFD), the firm’s second preferred fund and 12th income-based ETF.
The fund, which charges a 0.23% expense ratio, aims to provide investors with broad exposure to the income-oriented US preferred asset class.
‘The asset class's attractive yield potential, coupled with potential tax benefits make preferreds an important consideration for an income-oriented portfolio,’ said Jon Maier, chief investment officer at Global X.
Separately, China-focused ETF provider KraneShares is betting on the strength of environmentally-friendly Chinese companies by filing for the KraneShares MSCI China Environment Index ETF.
The fund, which charges a 0.78 % management fee, will invest at least 80% of its total assets in Chinese companies that derive at least a majority of their revenues from environmentally beneficial products and services.
It will be managed by Mark Schlarbaum, who is a managing partner at KraneShares. The New York-based firm was acquired by Chinese investment banking and financial services firm China International Capital Corporation in July.
KraneShares currently offers six ETFs, all of which are related to China.