Fund Files: Nationwide abandons (again) Allianz, PGIM boosts bond funds

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Nationwide ditched AllianzGI for NS Partners as a sub-advisor to NVIT insurance fund AllianzGI International Growth.

The change took place on July 18, according to a filing with the Securities and Exchange Commission (SEC).

The fund has been renamed NVIT NS Partners International Focused Growth and is now managed by Ian Beattie, Tim Bray and Julian Linton.

Previously, the fund was managed by Robert Hoffmann, Tobias Kohls and Nicolas Gonçalves for Allianz.

NS Partners is a London-based boutique asset management firm that specializes in actively managed global, developed and emerging equity market portfolios, according to its website. The company has $5.4 billion in assets under management.

Nationwide also previously dropped Allianz as a sub-advisor to the Nationwide AllianzGI International Growth Fund following sanctions imposed on Allianz by the Department of Justice (DOJ) and the SEC.

In the summer of 2020, the DOJ and SEC filed a lawsuit against AllianzGI over the collapse of its Structured Alpha funds. Funds lost billions of dollars during and after the March 2020 Covid-19 crash because their hedging strategies failed to protect against downside as advertised.

Allianz was subsequently sued by several institutions that invested in the funds and was investigated by the SEC and the DOJ. The suit was settled in May.

Allianz was fined $1 billion and agreed to reimburse investors about $5 billion, and will be banned from managing mutual funds in the United States for 10 years.

PGIM adds co-CIO to bond funds

PGIM Fixed Income has added its co-chief investment officer, Greg Peters, to the roster of managers for two of its total return-focused strategies.

Peters, which is rated Citywire+, will now take a position in the PGIM Global Total Return Bond and PGIM Global Total Return ESG Bond funds. This brings the total number of funds to which Peters is linked in the Citywire database to nine.

The PGIM Global Total Return Bond fund, which has $370 million in assets, and the PGIM Global Total Return ESG Bond fund, which has $71 million in assets, are managed by experienced investors Robert Tipp, Brett Bailey and Matthew Angelucci.

The latter fund launched in September 2021, coinciding with the appointment of Peters as the group’s co-chief investment officer as part of wider management changes.

“Following the appointment of Greg Peters as co-CIO, we saw an opportunity to deepen the group of experienced investment professionals who drive our global multi-sector strategies,” a PGIM spokesperson said. Fixed Income.

Prime Minister retires from Morgan Stanley

Warren Mar, portfolio manager at Morgan Stanley Investment Management, will retire on December 31.

He will retain his current responsibilities as Portfolio Manager until September 30, when he will transition to Senior Advisor until his retirement.

Mar is a portfolio manager for two closed-end funds, Morgan Stanley Emerging Markets Debt Fund and Morgan Stanley Emerging Markets Domestic Debt Fund. He is also a portfolio manager for the Morgan Stanley Variable Insurance fund.

The funds are currently jointly managed by Mar and Sahil Tandon, the company’s managing director. Effective today, Akbar Causer, Kyle Lee and Federico Sequeda will begin serving as portfolio managers of the Morgan Stanley Emerging Markets Debt Fund and Variable Insurance Fund. Brian Shaw and Patrick Campbell will assume the same role for the Morgan Stanley Emerging Markets Domestic Debt fund. The strategies will continue to be managed with no change in process or philosophy, according to a spokesperson.

Mar joined Morgan Stanley in 2012 and has 24 years of investment experience. Previously, he was Global Head of Emerging Markets Research and Corporate Strategy at JP Morgan Chase.

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