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Fund Times

Matthews Pacific Tiger Fund to Slow Inflows

The Gold-rated Matthews fund will undergo a change to protect the integrity of its investment process. Also, Goldman Sachs Asset Management's Rob Cignarella exits, Dreyfus rolls out a floating-rate fund, RiverPark launches a "strategic income" fund, Nomura to exit the U.S. fund business, and Santander and Bradesco ready U.S. fund launches.

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Matthews International Capital Management recently announced that Gold-rated  Matthews Pacific Tiger (MAPTX) will close to most new investors on Oct. 25. The firm is closing the fund, which has $7.6 billion in assets, in an effort to slow the pace of inflows and protect the integrity of its investment process. The firm has made similar closures in the past, and such closures serve the interests of current fundholders.

Goldman High-Yield Manager Cignarella Departs the Firm
Rob Cignarella, comanager of Neutral-rated  Goldman Sachs High Yield (GSHAX), left the firm on Oct. 11, 2013. He'd served in that role since 2003 and joined GSAM's fixed-income team as an analyst in 1998. Michael Goldstein, who's shared comanager responsibilities here since late 2010, remains on board and is now the fund's sole manager. Prior to joining the firm, Goldstein ran  Lord Abbett High Yield (LHYAX) from 1998 to 2010 with good results. Longtime team member Rachel Golder, who oversees all corporate credit research at the firm, remains involved here as well. While Goldstein's experience is a plus, this fund has seen plenty of investment team turnover since 2009. That was the year longtime lead manager Andrew Jessop left, as did experienced comanagers Diana Gordon and Roberta Goss. The high-yield team lost several analysts through the following year. GSAM has made hires since then accounting for roughly half of the high-yield analyst team located in New York and an additional five analysts based in Bangalore, India.

Robert Goldsborough does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.