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Fund Files: BlackRock adds ex-Fidelity PM to $4bn tech fund, Invesco plans mergers

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BlackRock adds ex-Fidelity manager

BlackRock is bolstering the portfolio management lineup on the $4.4bn BlackRock Technology Opportunities fund (BGSIX), with Caroline Tall joining existing PMs Tony Kim and Reid Menge.

Tall joined the firm this month, having previously worked for 13 years at Fidelity Investments, where she ran the Fidelity Select Tech Hardware portfolio. She stepped off that fund in January, when it had $1.1bn in assets, and took a nine-month career break, working on a small horse farm in Sherborn, Massachusetts, according to her LinkedIn profile.

She also joins the $11.4m BlackRock Future Tech ETF (BTEK), an active ETF also run by Kim and Menge, which was launched in 2020.

Kim has managed the BlackRock Technology Opportunities fund since 2013, with Menge joining him in June 2020.

Invesco to merge funds

Invesco plans to merge the $480m Invesco Global Growth fund (AGGAX) into the $8.2bn Invesco Global fund (OPPAX) by February 1o, 2023, according to a filing with the Securities and Exchange Commission (SEC).

The larger fund has an expense ratio of 1.03% and was acquired by Invesco upon its purchase of OppenheimerFunds in 2019. John Delano has managed the fund since 2017. The smaller fund has an expense ratio of 1.23%. Since December 2021, it too has been managed by Delano, but prior to that it was run by Invesco’s Austin, Texas-based international stock group.

The firm also plans to merge the $1.6bn Invesco American Value fund (MSAVX) into the $1.1bn Invesco Value Opportunities fund (VVOAX) by February next year. Both funds are managed by Jonathan Edwards and Jonathan Mueller. MSAVX has an expense ratio of 1.11% while VVOAX has an expense ratio of 1.22%.

A spokesperson for Invesco declined to comment.

MFS manager swap

Boston-based MFS Investment Management is swapping portfolio managers on two of its funds.

Victoria Higley is coming off the $13.4bn MFS Research International fund after six years and will be replaced by Nicholas Paul, effective December 31.

Paul, who joined MFS in 2010, will be co-manager alongside Camille Humphries Lee, who has been a PM on the fund since 2018.

According to a spokesperson, Higley remains with MFS and will ‘continue to serve as an institutional portfolio manager focusing on other MFS international and global equity strategies.’

Also on December 31, Gregory Johnsen will replace Deividas Seferis as a portfolio manager on the $2.4m MFS Emerging Markets Equity Research fund.

Johnsen will manage the fund alongside Sanjay Natarajan, who has been a PM of the fund since its inception in 2021. Although Seferis will no longer be a PM for the fund, he will continue to participate in the security selection process as an analyst team member , the spokesperson said.

‘MFS regularly evaluates the composition of its investment teams to ensure that each team is properly resourced to meet the long-term needs of our clients,’ the spokesperson said.

The investment philosophy, style, or processes for the funds will not change. As of August 31, 2022, MFS had $556.6bn in assets under management.