Portfolio Manager Change for Wells Fargo Advantage Multi-Sector Income Fund
June 19 2015 - 4:06PM
Business Wire
Effective today, Senior Portfolio Manager Ashok Bhatia, CFA,
will be added to the Wells Fargo Advantage Multi-Sector Income Fund
(NYSE MKT: ERC). Mr. Bhatia, one of 10 managers of the fund,
replaces Senior Portfolio Manager Michael Bray, who is on medical
leave from Wells Capital Management, Inc. (WellsCap), a subadvisor
to the Wells Fargo Advantage Funds. Mr. Bhatia is part of a broader
team at WellsCap that focuses on managing the fund’s
mortgage/corporate sleeve.
Mr. Bhatia is co-lead of WellsCap’s Customized Fixed-Income team
and senior portfolio manager. He is a 20-year veteran of the
investment industry. Mr. Bhatia spent the past 10 years as a lead
global macro portfolio manager with two large multistrategy hedge
funds, most recently at Balyasny Asset Management L.P. and, prior
to that, Stark Investments. Today, he joined WellsCap and is based
in Menomonee Falls, Wisconsin.
In 2004, Mr. Bhatia left Strong Capital Management, where he was
a portfolio manager on what is now the WellsCap Customized
Fixed-Income Team. (Strong was acquired by Wells Fargo on January
1, 2005, and the investment teams became part of WellsCap.) Mr.
Bhatia had previously worked for Morgan Stanley and LaSalle
Advisors, focusing on commercial and residential mortgage-backed
securities trading. He earned a bachelor’s degree from the
University of Michigan and a master’s degree in business
administration from the University of Chicago. Mr. Bhatia has
earned the right to use the Chartered Financial Analyst® (CFA®)
designation.
The Wells Fargo Advantage 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. More information about the
fund can be found on the Wells Fargo Advantage Funds website.
The closed-end funds (CEFs) are no longer offered as initial
public offerings. Investors who wish to buy or sell fund shares
of a CEF need to place orders through an intermediary, or broker,
who will buy or sell fund shares on the stock exchange in a process
identical to the purchase or sale of any other listed stock.
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. Nondiversified
funds may face increased risk of price fluctuation over more
diversified funds due to adverse developments within certain
sectors. 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.
The use of leverage results in certain risks, including, among
others, the likelihood of greater volatility of net asset value 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 Funds Management, LLC, a wholly owned subsidiary of
Wells Fargo & Company, provides investment advisory and
administrative services for Wells Fargo Advantage Funds. Other
affiliates of Wells Fargo & Company provide subadvisory and
other services for the funds. This material is being prepared by
Wells Fargo Funds Distributor, LLC, Member FINRA, an
affiliate of Wells Fargo & Company.
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. The reader must
make his/her own assessment of the information contained herein and
consider such other factors as he/she may deem relevant to his/her
individual circumstances.
234954 06-15
NOT FDIC INSURED • NO BANK GUARANTEE • MAY
LOSE VALUE
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inquiries1-888-877-9275orMedia contact:John Roehm,
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