Wells Fargo Asset Management Announces Changes to Closed-End Funds Portfolio Management Teams
August 06 2020 - 8:35AM
Business Wire
Effective Aug. 6, 2020, Senior Portfolio Manager Niklas
Nordenfelt and Portfolio Manager Philip Susser are no longer
portfolio managers of the Wells Fargo Income Opportunities Fund
(NYSE American: EAD), the Wells Fargo Multi-Sector Income Fund
(NYSE American: ERC), the Wells Fargo Utilities and High Income
Fund (NYSE American: ERH), and the Wells Fargo Global Dividend
Opportunity Fund (NYSE: EOD). In addition, effective Aug. 6, 2020,
Mike Schueller, Chartered Financial Analyst (CFA), and Chris Lee,
CFA, will be added as portfolio managers of the above-mentioned
funds and will manage each fund’s high-yield bond investments or
investment sleeve. There are no changes to the investment
philosophy or process of any of these funds as a result of this
transition.
Portfolio Manager Bios
Chris Lee, CFA
Chris Lee, CFA, is a senior portfolio manager on the Wells Fargo
Asset Management (WFAM) Multi Sector Fixed Income Plus and High
Yield team. Previously, Lee served as head of high yield trading
for the WFAM U.S. High Yield Fixed Income team. Prior to this, he
was with Silver Lake Credit, where he served as a managing
director, portfolio manager, and head of trading. Before joining
Silver Lake in 2007, Lee was a senior research analyst with Wells
Fargo’s Proprietary Investments Group. Lee earned a bachelor’s
degree in political science from University of California, Irvine,
where he graduated magna cum laude. He also earned a master’s
degree in business administration from the Graduate School of
Management at the University of California, Davis. Lee is a
graduate of Wells Fargo’s Credit Management Training Program and
has earned the right to use the Chartered Financial Analyst® (CFA®)
designation.
Mike Schueller, CFA
Mike Schueller, CFA, is a senior portfolio manager and research
analyst on the WFAM Multi Sector Fixed Income Plus and High Yield
team. Schueller joined WFAM as a senior investment research analyst
from Strong Capital Management, where he held a similar position.
He first joined Strong in 1998 as an associate counsel in the legal
department. He rejoined Strong in 2000, having left the firm to
start a trust department for Community Bank & Trust in
Sheboygan, Wisconsin. Prior to Strong, he practiced law with
Reinhart, Boerner Van Deuren Norris & Rieselbach s.c., in
Milwaukee, specializing in corporate reorganizations, mergers, and
acquisitions. He earned a bachelor’s degree in economics from the
University of Minnesota and a law degree from the University of
Wisconsin, Madison. Schueller has earned the right to use the
Chartered Financial Analyst® (CFA®) designation.
Disclosures
The Wells Fargo Income Opportunities Fund is a closed-end
high-yield bond fund. The fund’s investment objective is to seek a
high level of current income. The fund may, as a secondary
objective, seek capital appreciation to the extent it is consistent
with its investment objective.
The Wells Fargo Multi-Sector Income Fund is a closed-end income
fund. The fund’s investment objective is to seek a high level of
current income consistent with limiting its overall exposure to
domestic interest rate risk.
The Wells Fargo Utilities and High Income Fund is a closed-end
equity and high-yield bond fund. The fund’s investment objective is
to seek a high level of current income and moderate capital growth
with an emphasis on providing tax-advantaged dividend income.
The Wells Fargo Global Dividend Opportunity Fund is a closed-end
equity and high-yield bond fund. The fund’s investment objective is
to seek a high level of current income. The fund’s secondary
objective is long-term growth of capital.
For more information on Wells Fargo’s closed-end funds, please
visit our website.
These closed-end funds are no longer engaged in initial
public offerings, and shares are available only through
broker-dealers on the secondary market. Unlike an open-end
mutual fund, a closed-end fund offers a fixed number of shares for
sale. After the initial public offering, shares are bought and sold
through broker-dealers in the secondary marketplace, and the market
price of the shares is determined by supply and demand, not by NAV,
and is often lower than the NAV. A closed-end fund is not required
to buy its shares back from investors upon request.
High-yield, lower-rated bonds may contain more risk due to the
increased possibility of default. Foreign investments may contain
more risk due to the inherent risks associated with changing
political climates, foreign market instability, and foreign
currency fluctuations. Risks of international investing are
magnified in emerging or developing markets. Funds that concentrate
their investments in a single industry or sector may face increased
risk of price fluctuation over more diversified funds due to
adverse developments within that industry or sector. Small- and
mid-cap securities may be subject to special risks associated with
narrower product lines and limited financial resources compared
with their large-cap counterparts. When interest rates rise, the
value of debt securities tends to fall. When interest rates
decline, interest that a fund is able to earn on its investments in
debt securities also may decline, but the value of those securities
may increase. Changes in market conditions and government policies
may lead to periods of heightened volatility in the debt securities
market and reduced liquidity for certain fund investments. Interest
rate changes and their impact on the funds and their NAVs can be
sudden and unpredictable.
The use of leverage results in certain risks, including, among
others, the likelihood of greater volatility of the NAV and the
market price of common shares. Derivatives involve additional
risks, including interest rate risk, credit risk, the risk of
improper valuation, and the risk of noncorrelation to the relevant
instruments they are designed to hedge or to closely track. There
are numerous risks associated with transactions in options on
securities. Illiquid securities may be subject to wide fluctuations
in market value and may be difficult to sell.
Wells Fargo Asset Management (WFAM) is the trade name for
certain investment advisory/management firms owned by Wells Fargo
& Company. These firms include but are not limited to Wells
Capital Management Incorporated and Wells Fargo Funds Management,
LLC. Certain products managed by WFAM entities are distributed by
Wells Fargo Funds Distributor, LLC (a broker-dealer and Member
FINRA).
This material is for general informational and educational
purposes only and is NOT intended to provide investment advice or a
recommendation of any kind—including a recommendation for any
specific investment, strategy, or plan.
Some of the information contained herein may include
forward-looking statements about the expected investment activities
of the funds. These statements provide no assurance as to the
funds’ actual investment activities or results. Readers must make
their own assessment of the information contained herein and
consider such other factors as they may deem relevant to their
individual circumstances.
PAR-0820-00163
INVESTMENT PRODUCTS: NOT FDIC INSURED ● NO
BANK GUARANTEE ● MAY LOSE VALUE
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Media Jeanette Foster, 415-264-1323
jeanette.d.foster@wellsfargo.com Shareholder inquiries
1-800-730-6001 Financial advisor inquiries
1-888-877-9275
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