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Brandywine Global acquires Diamond Hill's high yield-focused funds and adds portfolio management team

Thursday, August 05, 2021
Opalesque Industry Update - Brandywine Global Investment Management, LLC, a specialist investment manager and subsidiary of Franklin Resources, Inc. has completed its acquisition of the business of Diamond Hill's high yield-focused U.S. corporate credit mutual funds following a previously announced agreement with Diamond Hill Capital Management effective July 30, 2021.

The acquisition expands Brandywine Global's fixed-income offerings and broadens its expertise in bottom-up fundamental credit research.

The High Yield and Corporate Credit funds will continue under current portfolio managers John McClain, CFA and Bill Zox, CFA, along with senior associate Jack Parker, CFA, as they join members of Brandywine Global's global fixed income team.

As of June 30, 2021, the Diamond Hill High Yield Fund, which had $1.1 billion in assets under management (AUM), and the Diamond Hill Corporate Credit Fund, which had $2.3 billion in AUM as of the same period, each had an overall 5-star rating, for the High Yield Bond Fund category, by Morningstar for their Class I shares. Morningstar ratings are calculated based on a Morningstar Risk-Adjusted Return measure.

The experienced investment team and the two high yield-focused U.S. corporate credit funds complement Brandywine Global's existing value-driven, macro-oriented offerings and expand its suite of global corporate credit strategies. As members of the fixed income team, McClain, Zox and Parker will have the opportunity to leverage Brandywine Global's highly regarded macroeconomic capabilities to bring additional resources to these two funds. Additionally, this integration will introduce exciting opportunities for collaboration and research synergies between Brandywine Global's corporate credit and equity analysis functions. McClain, Zox, and Parker will be further supported by the broader global resources of Franklin Templeton.

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Brandywine Global Investment Management, LLC believes in the power of value investing. Since 1986, the Firm has provided a range of differentiated fixed income, equity and alternative solutions to clients worldwide. Brandywine Global, a specialist investment manager of Franklin Resources, Inc., manages $65 billion in assets under management as of June 30, 2021, with headquarters in Philadelphia and offices in Singapore and London.

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