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Wonder if George was looking of a new challenge, Sprott made him an offer he couldn't refuse, or something else.
Personally, I'd be delighted if the move was a vote of no confidence in the Royce culture since the Legg Mason acquisition.
Kind of a downer for Royce regardless, as George has been repeatedly used to bring money into new funds, before a bait and switch to some other manager. At Royce, its all about AUM.
I remember when Royce as a "shop" had only two funds -- Penn Mutual and then Royce Value in '84. Royce managed them and closed PENNX a number of times to control assets. What a change since then: AUM, slicing the small and mid cap space with innumerable offerings, and adding various share classes. Of course the PR comments about Messr. George departure and the now juggled portfolio assignments for remaining PMs are laudatory, and George will continue to run FUND if its board approves a new advisory agreement. Sprott is pleased as well: http://business.financialpost.com/2014/11/10/sprott-adds-to-investment-management-team-in-toronto-new-york/?utm_source=dlvr.it&utm_medium=twitter
@openice: Royce has a history of benchmarking their funds (some of which can be up to 30% international) against the US small cap index. You'll notice over the past decade or so the proliferation of copy cat funds. And, poor performing managers never seem to leave, while more recenlty they manage to launch at least one fund per year or so that either closes or changes its mandate/name, etc.
Color me disappointed that RYSEX, which wife and I bought into because of Dreifus now has an assistant portfolio manager, at the same time that he now has a new fund to manage.
Cannot comment on any recent laudatory efforts by Royce. I would be surprised if they were permanent and ultimately in shareholder's best interest in the long term.
Let's see: when George was promoted to co-CIO back in 2011 or 2012, Royce went to some pains to publicly disavow the prospect that he was engaged in "succession planning." Some might imagine that was Royce's way of saying, "don't worry, I'm not trusting the shop to this guy."
And Mr. Royce just turned 75, one of those nice round ages where boards and others start pressing on you to get a plan.
I wonder if there now is a succession plan and Mr. George just learned that he's not part of it, leading him to get out of Dodge?
David -- your first paragraph -- I was not aware of this, and it strikes me as odd since Royce and George seemed to have gotten on quite well for some time, and since George is a respected investor. Can you elaborate and provide more insight and details?
Comments
Regards,
Ted
http://www.roycefunds.com/people/whitney-george
Personally, I'd be delighted if the move was a vote of no confidence in the Royce culture since the Legg Mason acquisition.
Kind of a downer for Royce regardless, as George has been repeatedly used to bring money into new funds, before a bait and switch to some other manager. At Royce, its all about AUM.
So few true fiduciaries out there.
:-
Best to all at MFO.
Color me disappointed that RYSEX, which wife and I bought into because of Dreifus now has an assistant portfolio manager, at the same time that he now has a new fund to manage.
Cannot comment on any recent laudatory efforts by Royce. I would be surprised if they were permanent and ultimately in shareholder's best interest in the long term.
And Mr. Royce just turned 75, one of those nice round ages where boards and others start pressing on you to get a plan.
I wonder if there now is a succession plan and Mr. George just learned that he's not part of it, leading him to get out of Dodge?
Curious, anyway.
David
If not George, than who? A LM plant?