is moving its fund managers from an old Scudder office in Philadelphia. The portfolio management team from three DWS Scudder
fixed income funds are being relocated to New York City as part of an ongoing consolidation of its fund business. The move will cover twenty employees.
The Philadelphia Inquiror
reported that the fund firm is still in negotiations involving the transfer of the 20 employees. It added that the future of the lead portfolio manager for the high-yield bond management group at the fund firm is "unclear". The team leader is Andrew P. Cestone.
Last year Deutsche sold part of its Philadelphia-based fund operations to Aberdeen Asset Management, but retained the high-yield fixed income group, calling it an "integral part" of its global platform. The Philadelphia office also is the home to a private wealth management business that will not be affected by the plans for the move.
Portfolio management for the funds -- DWS High Income Trust
($1.8 billion), DWS Strategic Income Trust
($302.4 million) and DWS Multi Market Income Trust
($200 million) -- will be taken over by Gary Sullivan. Sullivan had been based in Germany, but is also making the move to New York City.
Cestone is also part of the portfolio management team for the DWS Equity Income Fund ($135 million) and the DWS Balanced Fund ($1.9 billion).
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