Wells fixed income chief to retire
Wells Capital Management chief fixed-income officer David Germany is to retire from the firm on September 29.
As a result, he will no longer manage the $42.3 million Wells Fargo Strategic Income fund, which will continue to be run by Citywire AAA-rated Noah Wise, AA-rated Alex Perrin, A-rated Thomas Price as well as Niklas Nordenfelt, Scott Smith, and Tony Norris.
Germany was chief investment officer of Evergreen Investments from 2008 before its parent company, Wachovia, was acquired by Wells Fargo in 2010.
Prior to this, he was global head and chief investment officer of fixed income at Morgan Stanley Investment Management where he had a 21-year career.
A spokesman for the firm confirmed Germany's retirement and said there would be no changes to the strategy or objective of the fund as a result.
ProShares liquidates 13 ETFs
ProShares has liquidated 13 of its exchange-traded funds (ETFs).
The liquidated funds are:
- ProShares Short S&P Regional Banking
- ProShares Ultra S&P Regional Banking
- ProShares Ultra Oil & Gas Exploration & Production
- ProShares UltraShort Oil & Gas Exploration & Production
- ProShares Ultra MSCI Mexico Capped IMI
- ProShares UltraShort MSCI Mexico Capped IMI
- ProShares Ultra Junior Miners
- ProShares UltraShort TIPS
- ProShares UltraShort 3-7 Year Treasury
- ProShares German Sovereign/Sub-Sovereign ETF
- ProShares USD Covered Bond
- ProShares Hedged FTSE Europe ETF
- ProShares Hedged FTSE Japan ETF
Additionally, it has submitted filings for the Proshares Long Clicks/Short Bricks ETF and the Proshares Decline of Bricks and Mortar Retail ETF, with the Securities and Exchange Commission filings.
The ProShares Long Clicks/Short Bricks Retail ETF was renamed from the ProShares Long Online Short Bricks & Mortar Retail ETF, for which it filed in July, and goes long on online retailers while shorting big traditional retailers.
The Proshares Decline of Bricks and Mortar Retail ETF, renamed from the ProShares Short Bricks and Mortar Retail ETF, invests in derivatives to produce inverse returns from its underlying ProShares Bricks and Mortar Retail index.
In July, ProShares initially filed for three short bricks and mortar ETFs consisting of the Proshares Long Online Short Brick & Mortar Retail ETF, Proshares UltraShort Bricks and Mortar Retail ETF and the Proshares UltraPro Short Bricks and Mortar Retail ETF.
ProShares offers over 100 ETFs and has $29 billion in assets under management.
A spokesman could not be reached for comment in time for publication.