American Beacon Advisors has appointed a third sub-adviser for its fixed-income mutual fund, MutualFundWire reports. Penn Capital Management has joined the sub-advisory team for the $117.6 million American Beacon High Yield Bond Fund.
Penn Capital joins sub-advisers Logan Circle Partners and Franklin Templeton unit Franklin Advisers. Penn CIO Rich Hocker and portfolio manager Martin Smith will join the fund’s portfolio management team.
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