January 10, 2006
Tad Rivelle (’90) Named One of Morningstar’s Managers of the Year for 2005
Award recognizes fund performance over a number of years
LOS ANGELES - UCLA Anderson counts among its graduates a number of renowned investment managers including Larry Fink (’76), chairman and CEO, BlackRock and Bill Gross (’71), founder and managing partner, PIMCO. That list now also includes Tad Rivelle (’90), chief investment officer and a founding partner of Metropolitan West Asset Management (MWAM). Morningstar named Rivelle 2005 Fixed Income Manager of the Year (along with Laird Landmann, Stephen Kane and David Lippman).
Metropolitan West Asset Management is an employee-owned investment management firm with $16 billion total assets under management.
At MWAM, Rivelle -- along with the other generalist portfolio managers -- develop the firm’s long-term economic outlook, which guides the setting of macro investment strategies throughout the firm’s fixed income portfolios. The fund cited by Morningstar was MWAM’s Metropolitan West Total Return Bond (MWTRW). Rivelle oversees a team of investment professionals, which includes UCLA Anderson alumni Gino Nucci (’04) and Jamie Farnham (’02). Also at MWAM are company co-founder and Rivelle’s Anderson classmate Chris Scibelli (’90), who serves as the director of marketing, and John Mendell (’01) a regional marketing director.
The acknowledgement by Morningstar represents both the quality of the fund’s performance in 2005 and its performance over a number of years. In its press release, Morningstar noted that the fund “has delivered an annualized return of more than seven percent since its 1997 inception, which easily beats the average intermediate-bond fund’s nearly six percent.”
“Unlike some fixed-income shops, the MetWest management team uses every club in its bag. The fund’s flexibility can cause some short-term dips, but this team has been together for nearly 10 years, and their experience wins out in the long haul,” said Kunal Kapoor, director of mutual fund analysis for Morningstar. “They also keep expenses low and invest in the funds they oversee.”
Rivelle says he and his team were “very gratified” to receive news of the honor. “In our view, this is the highest award given out in the asset management business. We’d been nominated before, but we had no idea we might receive the honor this year. Like Chris said, it’s a lifetime achievement award and it acknowledges that we’ve helped our investors and shareholders over the ten year lifetime of the fund,” he said.
Though Rivelle is one of the fund’s managers, he is quick to point out that the decision making process at MWAM emanates from his entire team. He says the fund applies at any given time a variety of techniques and strategies, eschewing any one, single approach. MWAM’s current strategy has a defensive posture in terms of interest rates, is defensive in terms of credit and focuses on individual securities and yield, without much in the way of specific market risk. “We don’t try to predict where interest rates are going to be next month. The fund’s underlying value is that we try and produce favorable results over a business cycle, a three-to-five year period.”
His UCLA Anderson experience still informs his work today. “The Anderson culture was very collegial and supportive and a believer in the notion that most successful business ventures are the product of a team, not an individual raised to star status,” Rivelle said, noting that MWAM’s culture is largely the same. He added, “UCLA Anderson has also been a great resource in recruiting talent.”
About UCLA Anderson School of Management
UCLA Anderson School of Management is perennially ranked among the top-tier business schools in the world. Award-winning faculty renowned for their research and teaching, highly selective admissions, successful alumni and world-class facilities combine to provide an extraordinary learning environment. UCLA Anderson constituents are part of a culture that values individual vision, intellectual discipline and a sense of teamwork and collegiality.
Established in 1935, UCLA Anderson School of Management provides management education to more than 1,400 students enrolled in MBA and doctoral programs, and some 2,000 executives and managers enrolled annually in executive education programs. Recognizing that the school offers unparalleled expertise in management education, the world's business community turns to UCLA Anderson School of Management as a center of influence for the ideas, innovations, strategies and talent that will shape the future.Contact Information
Paul Feinberg, (310) 794-1215, firstname.lastname@example.org