Fund Files: JPM PM exits, Pimco drops Parametric, Goldman plots DeFi ETF

JP Morgan portfolio manager Lindsey Houghton has left the firm, stepping off a number of funds.

Houghton was previously a manager on the $1.1bn JPMorgan US Small Company fund and the $1.4 JPMorgan Small Cap Value fund, among others.

Both funds will continue to be a run by JPM veteran Phillip Hart, as well as Wonsoek Choi, Jonathan Tse and Akash Gupta,

A spokesperson for JP Morgan confirmed Houghton’s exit but said it would not result in a change of approach on the funds.

‘The funds are managed with a team approach and we do not expect any changes to investment strategy,’ they said.

Goldman looks toward DeFi

Goldman Sachs plans to launch an ETF that focuses on decentralized finance and blockchain technology.

The firm has filed with the Securities and Exchange Commission (SEC) to launch the Goldman Sachs Innovate DeFi and Blockchain Equity ETF.

The fund will track the Solactive Decentralized Finance and Blockchain index, which is made up of companies in the blockchain space, which provides the technology relied upon by crytocurrencies like bitcoin, and firms focused on ‘the digital transformation of traditional financial services.’

The ETF’s managers will be Raj Garigipati and Jamie McGregor, according to the filing, which does not include information on the fund’s management fees.

A Goldman Sachs spokesperson declined to comment beyond the filing.

Pimco drops Parametric

Pimco plans to drop Parametric Portfolio Associates from implementing portfolios for, and subadvising on, a slew of equity funds and ETFs

The Newport Beach, California-based asset manager, which had $2.2tn under management as of June 30, plans to take in-house the services that it had outsourced to Parametric.

‘Pimco has made significant investments related to our multi-asset and quantitative businesses and other equity trading capabilities in recent years,’ the firm said in a statement. ‘We feel it is the right time for Pimco to take over the services that Parametric has provided for our Pimco RAE and RAFI accounts.’

Seattle-based Parametric, which has about $381bn under management, had nothing to say publicly about the termination; a spokesperson told Citywire that ‘Parametric does not comment on client relationships.’

A filing with the SEC dated Friday outlines how Pimco plans to remove Parametric as portfolio implementer from one range of funds and as subadvisor on another.

The termination takes Parametric off as portfolio implementer as early as September 24 of the following funds: