Independent broker-dealer LPL Financial has boosted its manager research team with the hire of Timothy Six from Barings Asset Management.
Six will focus on finding high quality fixed income strategies for the firm’s advisory platform and model portfolios.
He was previously an analytic attribution analyst at Barings, which he joined in 2015. Prior to that he worked at Vanguard in a variety of roles since 2011.
In May, the LPL research team lost two of its fixed income due diligence analysts, Mike Wallace and Eric Bostic, who left to join Medical Mutual Insurance Company of North Carolina and Global Bankers Capital respectively.
Both were responsible for performing due diligence for funds on the firm’s recommended list and model portfolios.
White's new role
Another change within the research team, which has taken place since the start of 2017, has seen chief investment officer Burt White focus less on manager due diligence and more on developing new tools and investment solutions for the firm’s advisors.
The shift in focus followed a change in leadership at the top of LPL, with Dan Arnold taking over as chief executive from Mark Casady, who retired at the start of the year.
While White still oversees the due diligence team he now also runs a new unit called the investment solutions team, which is responsible for developing new offerings for the firm’s 14,256 advisors and brokers.
One such example is the firm’s partnership with American Funds, which will see the broker offer a number of the manager's funds as separately managed accounts, as reported by Citywire earlier this month.
The investment solutions team's responsibilities consist of research, corporate strategy, all products and services, marketing, sponsor relations and use of the firm's capital.
White said his primary goal was to take portfolio manager capabilities and to craft new solutions rather than solely picking strategies for use on the firm’s advisory platform.
'Now I'm a little bit more at the puzzles level than at the pieces level,’ White told Citywire.
Emerging markets call
The broker-dealer continues to be bullish on emerging market equities, which it believes will continue to rise despite an already impressive run over the last year.
Ryan Detrick, senior market strategist for the firm, said: 'Emerging markets have been excellent over the last 12-months and we still think that there is a lot of potential for emerging markets to do very well in the second half of this year even though they are up approximately 20% or so at the half way point of this year.'
The firm's current analyst top pick for emerging markets equities is the $36 billion Oppenheimer Developing Markets fund.
The fund recently underwent a change to it management, with John Paul Lech coming off the strategy after just two years, leaving Justin Leverenz as sole manager of the portfolio, which he has been on since 2007.