Portfolio manager Barry Ogden has left Ivy Investments amid a number of PM changes, resulting from fund reorganizations.
‘Zinn and Bichelmeyer bring strong experience in portfolio management and equity analysis across large, mid and small-capitalization asset classes to the Accumulative fund,’ an Ivy spokesman said.
Bichelmeyer had most recently been a manager on the Ivy Micro Cap Growth fund, which was merged into the Ivy Small Cap Growth fund, and the IVY VIP Micro Cap Growth portfolio, which was merged into the IVY VIP Small Cap Growth portfolio, both effective November 5.
Other funds that were merged on November 5 were:
- The Ivy European Opportunities fund was merged into the Ivy International Core Equity fund;
- the Ivy Tax-Managed Equity fund was merged into the Ivy Large Cap Growth fund;
- the Ivy Global Income Allocation was merged fund into the Ivy Asset Strategy fund;
- and the Ivy LaSalle Global Risk-Managed Real Estate fund was merged into into the $64.7 million Ivy LaSalle Global Real Estate fund
Citywire previously reported on the mergers in July 2018.
At the time, an Ivy spokesman said: 'The mergers are intended to create more economies of scale for the benefit of fund shareholders and blend funds with generally similar investment objectives.’
New frontier for retiring PM
Knightly, who is also president of the $15.9 billion equity shop will step down on December 31, 2019, according to a document filed with the Securities and Exchange Commission.
A Frontier spokeswoman did not respond to requests for comment at the time of publication.
Knightly, who has been with Frontier for 28 years, is lead portfolio manager on the firm's mid cap growth strategy.
Through subadvisory arrangements, he is a manager on the $15.1 billion Vanguard Morgan Growth fund, which is also subadvised by Wellington Management Company and Jennison Associates, as well as the $7.7 billion MassMutual Select Mid Cap Growth fund, which T. Rowe Price also subadvises.
Frontier Capital Management also runs the $17.8 million AMG Frontier Small Cap Growth fund, through its majority owner, Affiliated Managers Group.
Artisan crafts Rezo's revamp
The Artisan International Small Cap fund has been renamed the Artisan International Small-Mid fund to reflect changes to its investment strategy.
The fund has added the ability to invest in larger companies and has added an Advisor share class, among other changes.
Artisan Partners president and chief executive Eric Colson said the greater flexibility reflected the firm’s ongoing strategy to ‘increase the investment teams’ ability to generate alpha and manage risk within the constraints required by clients.’
Effective December 4, the fund invests at least 65% of assets in non-US companies, down from at least 80% previously. The remaining allocation, a maximum 35%, may be invested in US companies.
The fund also made changes to allow investment in companies with a market capitalization below $30 billion or within the range of the MSCI ACQI ex-US SMID index. The old fund invested in companies with a market capitalization of less than about $4 billion.
The fund also changed to allow unlimited exposure to emerging markets, up from a limit of 50% previously.
A spokesman for Artisan Partners confirmed the changes, which the firm filed for earlier this year.
The revamps follows star portfolio manager Rezo Kanovich joining Artisan Funds in October and taking over sole portfolio management responsibility of the fund.
The fund had been soft-closed since 2003, and reopened to new investors on October 15.
Colson said Kanovich ‘brings a history of successfully managing a differentiated portfolio of international small- and mid-cap stocks.’
The fund is ranked 48 out of 52 International Small/Mid-Cap Growth funds tracked by Citywire. In the three months to the end of November the fund returned 2.4% compared with the MSCI All Country World Ex-US Small Mid Cap NR index’s 17%, according to data from Lipper.
Artisan had $106.6 billion in assets under management as of October 31.