Insights April 2017

Cornerstone Fundamental Equity PM Departs (April 28, 2017): Cornerstone Capital Management announced the resignation of Portfolio Manager Eve Glatt to pursue other opportunities, effective April 28, 2017. As a result of her departure, Ian Murdoch will be promoted to portfolio manager and assume Glatt’s regional coverage and portfolio management responsibilities. Murdoch has 17 years of industry experience and has worked as an analyst for the fundamental equity team for the last six years. — Kitty Lin

Hexavest Portfolio Manager Departs (April 28, 2017): Hexavest Asset Management announced the departure of Portfolio Manager, Global Stock Selection Carl Bayard, effective April 17, 2017. Bayard, who joined the firm in 2011, assisted regional portfolio managers with stock selection since 2013. As a result of this announcement, portfolio management responsibilities will be fully assumed by the regional teams. — Rufash Lama

Manning & Napier Announces Portfolio Manager Departure (April 27, 2017):
Manning and Napier Advisors, LLC has announced that Ajay Sadarangani, a member of the non-U.S. equity portfolio management team, will leave the firm in May 2017 to pursue other interests. As a result of this announcement, the Non-U.S. Equity Core Team will be composed of Chief Investment Strategist and Head of Non-U.S. Equity Core Team Marc Tommasi, Head of Global Core Team Ebrahim Busheri and Global Strategies’ Jeffrey Donlon. — Irina Sushch

Firm Closure: Lombardia Capital Partners (April 27, 2017): Lombardia Capital Partners has decided to wind down its assets and close the firm, effective April 30, 2017. Lombardia was established in 1989 and headquartered in Pasadena, California. The firm was an employee- and minority-owned firm that offered U.S. and non-U.S. value equities. — Ho Hwang

Carillon Tower Advisers Acquires Scout Investments and Reams Asset Management (April 20, 2017): Carillon Tower Advisers, a subsidiary of Raymond James Financial, announced the acquisition of Scout Investments and Reams Asset Management. The firms will join current affiliates Eagle Asset Management, ClariVest Asset Management and Cougar Global Investments under Carillon Tower’s umbrella. As of December 31, 2016, Scout and Reams had a combined $27 billion in assets under management. –Kyle Fekete

Franklin Templeton Leadership Updates (April 17, 2017): Franklin Templeton Investments announced the following appointments effective May 1, 2017. These follow a review of the business by newly appointed President Jenny Johnson. All appointments will report to Johnson. Ed Perks has been named CIO/Multi-Asset Solutions. Perks will continue managing his current portfolios, including Franklin Income, as he oversees Franklin Templeton Investment Solutions. Stephen Dover is appointed to head of equities where the firm’s various equity CIOs will report to him. Dover will focus on global oversight and administration of the equity investment business. He will continue to lead the equity reporting lines of Templeton Emerging Markets Group and Franklin Local Asset Management. Mat Gulley will be named head of alternative strategies. Gully will play a major role in positioning the firm’s alternative products provided by K2, Franklin Real Asset Advisors, Darby and Pelagos. Christopher Molumphy will expand his role as CIO, Fixed Income to include oversight of the fixed income teams of Franklin Local Asset Management. Kelsey Biggers, head of Performance Analysis and Investment Risk, will now report to CEO Greg Johnson, reflecting the importance of investment risk management to solutions development. — Andy Iseri

Lazard Global Thematic PM Update (April 17, 2017):  Lazard Asset Management is notifying clients that Global Thematic Equity portfolio manager Irene Cheng is retiring from the industry effective September 1, 2017. Cheng joined the firm and team in 2003 and will remain a resource to the team for six to 12 months following her departure. The team has grown over the years with the additions of portfolio managers Steve Wreford and John King in 2010 and 2013, respectively, and remains under the leadership of Nick Bratt and Andrew Norris. — Andy Iseri

J.P. Morgan High Yield Manager to Retire (April 10, 2017): J.P. Morgan has announced that effective December 31, 2017, High Yield portfolio manager Fred Sabetta will retire from the firm after 14 years with the firm and 34 in the industry. Sabetta will remain active on the portfolio management team through year-end to ensure a smooth transition. Portfolio managers Bill Morgan and Jim Shanahan will both remain as team leaders for the high yield strategy. — Nathan Wong

McKinley Announces New President (April 4, 2017): McKinley Capital Management has appointed Robert A. Gillam as president, effective April 1, 2017. He replaces his father, Robert B. Gillam, who remains chairman of the board and CEO. The former Gillam joined the firm in 1994 and became chief investment officer in 2008. He remains CIO and oversees a team of investment professionals and data scientists who manage client portfolios and their associated risks. Gillam was a portfolio manager on non-U.S. and global strategies prior to becoming CIO. He also serves on the firm’s Executive Management Committee and Board of Directors. — Irina Sushch