DWS has rejigged the management lineup on its Invest Global Bonds strategy following the departure of a senior manager.
Francois Fabreges left his role as a senior portfolio manager within DWS’ multi-asset team in February, joining German rival Allianz Global Investors as a director and senior portfolio manager.
The fund he oversaw, the €109 million Invest Global Bonds fund, returned one and three-year trailing returns of -4.08% and -3.10%, respectively. Across the same periods, its Morningstar category, Global Bond – EUR Hedged, returned 0.97% and -0.07%.
The portfolio holds a mix of corporate and government bonds, with small allocations to securitised exposures.
The strategy is now run by portfolio manager and buy-side analyst Lukas Herrmann and portfolio manager Carsten Weins.
A spokesperson for DWS said: “While Herrmann represents the expertise of the euro unconstrained fixed income strategies, Weins contributes his experience from global fixed income strategies.”
The fund’s investment strategy and objectives will remain unchanged following the leadership shift.
DWS was forced to close two fixed income ETFs in February following “limited interest” from investors. The Xtrackers iTraxx Europe Swap UCITS ETF (XTXE) and the Xtrackers EUR Credit 12.5 Swap UCITS ETF (D3V3) will close on March 23.
Earlier in the same month, State Street Global Advisors tapped DWS for the appointment of Tobias Wittkamp to the intermediary sales team within the wider ETF division. He had previously served as a team lead covering regional ETF sales across Germany.
In 2021, Gerold Koch left as head of ESG investment specialists, Americas, at DWS to join AllianzGI’s ‘risklab’ unit to head up a new team focused on ESG and sustainable investing.
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