Ivy shuffles line-up as two PMs depart
Ivy Investment Management has shuffled the portfolio management line-up on a number of strategies as managers Daniel P. Becker and Eric C. Perry exit the firm.
Becker was a co-manager on the $3.6 billion Ivy Large Cap Growth fund, Ivy Focused Growth NextShares, Ivy VIP Growth portfolio as well as $2.7 billion of separate account assets as of March 31, alongside Bradley M. Klapmeyer.
As a result of his departure, Klapmeyer has become the lead manager of the firm’s large cap growth strategies. He will continue to be supported by assistant portfolio manager Gage T. Krieger.
Perry was named on the $3 billion Ivy Balanced fund, $1 billion Ivy Bond fund, $39.4 million Ivy Crossover Credit fund, $401.2 million Ivy Government Securities fund, Ivy VIP Balanced portfolio and Ivy VIP Bond portfolio.
As a result of his departure, Citywire + rated Mark G. Beischel, Ivy's global head of fixed income, and Susan Regan will assume the portfolio management responsibilities of Perry on an interim basis.
The firm specified that neither portfolio manager departure was due to investment performance, fraud, misappropriation of company or client funds, violations of any securities or investment-related statutes, rules or regulations, or findings of workplace harassment.
Wells promotes PM as veteran retires
Wells Fargo Asset Management has promoted two portfolio managers as 37-year veteran manager Anthony Cragg prepares to retire in June, according to regulatory filings and a product alert from the firm.
Cragg, who is the lead portfolio manager on the firm’s San Francisco global emerging markets equity team, will remain on the $167.2 million Wells Fargo Asia Pacific fund and $660.5 million Wells Fargo Emerging Markets Equity Income fund as well as related separately managed account strategies until June 15, after which he will serve in an advisory role.
The 62-year-old manager, who has worked at Wells Fargo for 25 years, will officially exit from the firm by September 1.
For the two funds, he was primarily responsible for asset allocation and did not have specific coverage in terms of a region, country, sector or specific stocks, according to the firm.
As a result of Cragg's upcoming departure, Alison Shimada, co-manager on both funds, has been promoted to senior portfolio manager and head of the team. Meanwhile, Elaine Tse has been named as a portfolio manager on the two funds.
Launched in 2007, the Wells Fargo Asia Pacific fund has returned 30.2% over the past three years until the end of February and ranks seven out of nine Pacific Region Funds tracked by Citywire.
Launched in 2012, the Wells Fargo Emerging Markets Equity Income fund has returned 19.6% over the same period and ranks 151 out of 195 Emerging Markets Funds tracked by Citywire.
Voya value focus
Corapi was Voya’s chief investment officer of the firm’s equity platform from 2009 before stepping down at the end of January in 2017 to concentrate on his role managing the firm's value products.
A Voya spokesman told Citywire that Corapi would continue to co-manage the the $928.4 million Voya Large Cap Value fund, among other value-focused products.
'While serving as CIO, Chris acted in an advisory capacity on large cap growth and was not involved in the day-to-day management of the strategy,' the spokesman said. 'His removal was planned well in advance.'
The Voya Large Cap Growth fund has delivered a 38.6% total return over the past three years, ranking 56th out of 137 Multi-Cap Growth funds tracked by Citywire.