An abrupt mass resignation of Royce Opportunity s (ROFIX) management team has left the strong-performing fund in the lurch and its Morningstar Analyst Rating under review.
Bill Hench and his three-person team surprised their colleagues at Royce Investment Partners by resigning on April 20, 2021. Hench had served as lead manager since October 2018 and as an assistant or comanager since May 2004, building an excellent track record, first as an understudy and then as successor to Boniface Buzz Zaino.
Robert Kosowsky and Suzanne Franks, Hench s assistant managers since 2018, and Adam Mielnik, an analyst for the strategy since 2014, also left. They did not disclose where they were headed but often when entire fund management teams leave at once it is for another firm or to strike out on their own. On April 21, noted value shop First Eagle Investment Management announced that it hired Hench and his team to run a new small-cap strategy for the firm.
Portfolio Manager Boniface Zaino to Lead Team Managing Royce Opportunity Fund
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NEW YORK, April 20, 2021 /PRNewswire/ Royce Investment Partners ( Royce ) announced today that Boniface Buzz Zaino will lead the portfolio management team of Royce Opportunity Fund, as well as the firm s other portfolios that are managed with the unique opportunistic value strategy that he developed. Although Mr. Zaino transitioned from Portfolio Manager to Senior Advisor on the strategy in October 2018, he has remained actively engaged in the Strategy s portfolios in the interim. Three Portfolio Managers will join the new investment team being led by Mr. Zaino: James P. Stoeffel and Brendan J. Hartman, who also manage Royce Micro-Cap Fund, and James Harvey, who spent a decade as an analyst with Mr. Zaino working directly on the Opportunity strategy.
Tom Thompson and Trish Stubbs who live on Trinity Close with nine-year-old Misse
- Credit: Abigail Nicholson
With car parks full and shops booming, Dereham was well and truly back open for business on April 12.
Dereham Town Centre was full of life on April 12
- Credit: Abigail Nicholson
After months of the Cherry Tree Car Park being half full at best, people were struggling to find spaces as pub gardens, gyms, hairdressers, and non-essential shops were given the green light to reopen.
Regulars at The Cherry Tree Pub on Theatre Street Tom Thompson and Trish Stubbs who live on Trinity Close could not wait to get back, and even brought their nine-year-old dog Misse for a pint.
EXCITED punters will finally be able to return to their favourite boozer next week - assuming they have a beer garden of course. From Monday hospitality venues are able to reopen their outdoor spaces as part of the next stage of the Government s roadmap out of lockdown. You can meet in a group of six or a larger group of any size from up to two households outdoors. There will be no requirement for a substantial meal to be served alongside alcohol, and they ll be no curfew in place either. But which pubs are residents most looking forward to returning?
Company says that ‘a lot’ of advisers are not looking to sell to ‘bigger players in the market’
More and more firms are entering the financial advice M&A market every year. One of the latest companies to show acquisitive ambitions is Finura.
But the firm does not want to stop there.
M&A activity
Nathan Mead-Wellings, managing director at Finura, told
International Adviser: “We founded the business in 2014 and we have, up until the acquisition of James Harvey, grown entirely organically by word of mouth and referral.
“As we’ve focused on creating as many efficiencies within the business as possible, we found ourselves with capacity within the team.