Fund Times: Openings, Closings, & Manager Changes
Scudder shuffles some managers, while Morgan Stanley merges some funds.
Fund companies announced a slew of fund mergers and manager changes this week. Morgan Stanley, PIMCO, and Federated were among those changing their offering lineups, while Scudder, Seligman, and Franklin Templeton were three firms shuffling their management teams.
Morgan Stanley Capital Growth Securities (CAPAX) plans to merge with Morgan Stanley American Opportunities (AMOAX). Both funds have a similar strategy of buying large-cap stocks and making big sector bets, but the Capital Growth fund hasn't executed that approach as well as American Opportunities has, and its buys have been all over the market-cap spectrum. Capital Growth shareholders should be getting a more focused fund after the merger is complete.
Laura Pavlenko Lutton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.