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Announcements:
Brandes SMA Division
Brandes Investment Partners, L.P. has historically handled its separately managed accounts (“SMA”) as a business distinct from other types of client accounts. As of January 1, 2006, Brandes has been divided into two separate divisions: the SMA Division of Brandes Investment Partners, which acts as a discretionary manager to SMA or "wrap fee" program clients, including those who may invest in an SMA product; and the non-SMA Division of Brandes Investment Partners, which acts as a discretionary manager for all other types of clients which may include pooled investment vehicles, institutional accounts, and high net worth clients outside of SMA/”wrap fee” programs. Although the divisions may share portfolio management and other personnel, each division serves a particular target market, may trade in a different manner, and may offer investment advice which differs from the other depending upon the individualized needs of the clients served.
Assets under management totals will now be divided between SMA and non-SMA businesses when reported to clients. Other than that, there should be no impact on our clients.
Please contact Brandes Private Client Services or your Portfolio Management team at 800.237.7119 with any questions or comments.