Clearbridge Chancellor Peter Bourbeau steps down, Eagle Capital launches $1.8 billion ETF

ClearBridge Investments, a subsidiary of Franklin Templeton, on Monday announced several key PM changes across several major funds, including the departure of longtime PM Peter Bourbeau.

Mr. Bourbeau will retire on December 31st after 33 years in the industry. He will be replaced by Erica Furfallo, who will lead both the $11.3 billion ClearBridge Large Cap Growth Fund (SBLYX) and the $216 million ClearBridge Large Cap Growth ESG ETF (LRGE).

Additionally, CIO Scott Glasser will step down from the $8.5 billion ClearBridge Appreciation Fund (SAPYX) effective December 31, 2024 to focus on his CIO duties, the company told Citywire.

ClearBridge is also promoting Amanda Rees to PM of the $4.5 billion ClearBridge Aggressive Growth Fund (SAGYX). Reese is expected to join the fund in May.

“We believe that by appointing successful portfolio and sector analysts into portfolio management roles on a long-term basis as part of a strong succession planning process, we can create opportunities for seasoned professionals. ,” the company said.

Eagle Capital Management launches first ETF

Eagle Capital Management is the company’s first ETF Eagle Capital Select Stock ETF (Eagle).

The ETF started with $1.8 billion in assets under management as “a number of customers” decided to convert their SMA stock into new vehicles.

Eagle’s SMA operates under its large-cap strategy, the company’s only strategy focused on value. ETFs are managed “substantially the same” as SMAs. Eagle’s assets under management were $26.5 billion as of December 31, 2023.

EAGL is actively managed by Alec Henry, Eagle’s Managing CIO. The expense ratio is 0.80%. ETFs invest in 15 to 35 stocks and aim for long-term market outperformance with the potential for downside protection.

“We decided to launch this ETF due to strong demand from our clients and their advisors who recognize the benefits of this vehicle,” said Eagle CEO Michael Falcon. “We welcome the opportunity to participate in the growth of active ETFs and their increasing use by sophisticated investors, their advisors and asset allocators.”