Thornburg Names Heads of Equities and Fixed Income

Rhea-AI Summary

Thornburg Investment Management, overseeing $46 billion in client assets, has announced key leadership changes. Matt Burdett has been named Head of Equities and Christian Hoffmann as Head of Fixed Income, both reporting to CEO Mark Zinkula. They replace Co-Heads of Investments Ben Kirby and Jeff Klingelhofer, who will step down from their roles and leave the company by September 30, 2024.

Additionally, Neal BasuMullick will be promoted to Portfolio Manager and Managing Director, joining Lon Erickson as co-portfolio managers of the Thornburg Summit Fund. These changes aim to propel the next phase of growth at Thornburg and deepen the team's alignment with clients.

Positive

• Appointment of experienced internal leaders to key positions
• Promotion of Neal BasuMullick to Portfolio Manager and Managing Director
• Continued focus on day-to-day investment decision-making and portfolio management by new heads

Negative

• Departure of Co-Heads of Investments Ben Kirby and Jeff Klingelhofer
• Potential disruption in management of Thornburg Income Builder Opportunities Trust (TBLD) due to leadership change

SANTA FE, N.M., Aug. 20, 2024 /PRNewswire/ -- Thornburg Investment Management, Inc. ("Thornburg"), a global investment firm that oversees $46 billion in client assets¹, today announced that Portfolio Manager and Managing Director Matt Burdett has been named Head of Equities and Portfolio Manager and Managing Director Christian Hoffmann has been named Head of Fixed Income, both reporting to CEO Mark Zinkula.

Messrs. Burdett and Hoffmann replace Co-Heads of Investments Ben Kirby and Jeff Klingelhofer, who will step down from their portfolio management duties on August 30, 2024, and after a transition period, step down from their roles as co-heads of investments and depart the company on September 30, 2024. Mr. Kirby's portfolio management duties include a publicly traded fund, Thornburg Income Builder Opportunities Trust (Ticker: TBLD).

"I'm confident that Matt and Christian's nearly 25 years of combined experience at Thornburg will help propel the next phase of growth at the company and deepen our team's alignment with clients," said CEO Mark Zinkula. "In their new roles, Matt and Christian will continue to spend the majority of their time engaged in day-to-day investment decision-making and portfolio management responsibilities. I want to thank Ben and Jeff for their leadership and contributions to the company over the past five years in their roles as co-heads of investments and wish them well in their future endeavors."

Effective August 30, 2024, Associate Portfolio Manager Neal BasuMullick will be promoted to Portfolio Manager and Managing Director, and along with Portfolio Manager and Managing Director Lon Erickson, will be added as co-portfolio managers of the Thornburg Summit Fund.

In their new roles, Messrs. Burdett and Hoffmann continue to serve as portfolio managers on multiple Thornburg investment strategies. Mr. Burdett leads a team that oversees a suite of global, emerging markets, small- and mid-cap and multi-asset equity solutions. Mr. Hoffmann's team manages both taxable and tax-exempt global fixed income strategies.

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1 Includes $44.5 billion in assets under management and $1.2 billion in assets under advisement as of July 31, 2024.

Biographies

Matt Burdett is head of equities and a portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager. Matt was named a managing director and was promoted to portfolio manager in 2018 and to head of equities in 2024. Matt spent several years as a senior vice president and portfolio manager at PIMCO, where he co-managed various dividend-oriented strategies. Prior to his time at PIMCO, Matt worked from 2010 to 2011 as an equity analyst at Thornburg.

Matt was director of healthcare investment banking at CIBC World Markets / Oppenheimer prior to joining Thornburg in 2010. Earlier in his career, he was a medicinal chemist at Sunesis Pharmaceuticals. Matt holds an MBA from the Marshall School of Business at the University of Southern California and a bachelor's degree in chemistry from the University of California, Berkeley.

Christian Hoffmann, CFA, is head of fixed income and a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income securities analyst and was promoted to associate portfolio manager in 2014. Christian was named a managing director in 2017, was promoted to portfolio manager in 2018 and to head of fixed income in 2024.

Prior to joining Thornburg, Christian served as a senior credit analyst with H.I.G. Capital in Miami, Florida, where he specialized in distressed debt investments and credit driven special situations. He began his career in the investment banking division of Lehman Brothers and later spent several years working on the high yield research desk at the firm. Christian holds a bachelor's degree in economics from New York University. He is a CFA charterholder.

Lon Erickson, CFA, is portfolio manager for Thornburg Investment Management. He joined Thornburg in 2008 and was named a managing director and was promoted to portfolio manager in 2010.

Prior to joining Thornburg Investment Management, Lon spent almost 11 years as an analyst for State Farm Insurance in the equity and corporate bond departments. Lon earned a bachelor's degree in business administration from Illinois Wesleyan University and an MBA from the University of Chicago Booth School of Business. He is a CFA charterholder.

Neal BasuMullick, CFA, is an associate portfolio manager for Thornburg Investment Management. He joined the firm in 2020 as an equity research analyst, was promoted to senior equity analyst then associate portfolio manager in 2022.

Prior to joining Thornburg, Neal worked in equity research at Columbia Threadneedle Investments where he covered the business services and consumer staples industries and on the sell side at J.P. Morgan where he gained experience in the pharmaceutical and several cyclical industries. Neal holds a BA with honors in economics from Cornell University College of Arts & Sciences. He is a CFA charterholder.

About Thornburg

Thornburg is a global investment firm delivering on strategy for institutions, financial professionals, and investors worldwide. The privately held firm, founded in 1982, is an active manager of equities, fixed income, and multi-asset solutions. With $46 billion in client assets¹ as of July 31, 2024, the firm offers mutual funds, closed-end funds, institutional accounts, separate accounts and UCITS funds for non-U.S. investors.

As an independent firm, Thornburg can take on a wide range of opportunities, explore ideas thoroughly and work across strategies to deliver consistent risk-adjusted outperformance over the long term. The firm attracts free-thinking professionals who are eager to pursue investment outcomes beyond the confines of popular wisdom. From nimble operational capabilities to principles and actions fitting of a global citizen, Thornburg's world-class investment platform and team are aligned on strategy to serve investors.

Thornburg's U.S. headquarters is in Santa Fe, New Mexico with an additional office in Hong Kong. For more information, visit www.thornburg.com or call (877) 215-1330.

Media Inquiries 
Michael Corrao
Director of Global Communications
Thornburg Investment Management
Tel: +1 (505) 467-5345
Email: mcorrao@thornburg.com

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

Before investing, carefully consider the Fund's investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. A registration statement relating to these securities has been filed with and declared effective by the U.S. Securities and Exchange Commission.

Certain statements in this press release constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Trust, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the Trust nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.

Risk is inherent in all investing. There can be no assurance that the Trust will achieve its investment objective, and you could lose some or all of your investment.

Thornburg Securities LLC, member FINRA, is a wholly owned subsidiary of Thornburg Investment Management, Inc.

NOT FDIC INSURED      NO BANK GUARANTEE      MAY LOSE VALUE

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SOURCE Thornburg Investment Management

FAQ

Who are the new Heads of Equities and Fixed Income at Thornburg Investment Management?

Matt Burdett has been named Head of Equities and Christian Hoffmann has been named Head of Fixed Income at Thornburg Investment Management.

When will the leadership changes at Thornburg Investment Management take effect?

The leadership changes will take effect on August 30, 2024, with Ben Kirby and Jeff Klingelhofer fully departing the company on September 30, 2024.

How might these changes affect Thornburg Income Builder Opportunities Trust (TBLD)?

The changes may affect TBLD as Ben Kirby, who is stepping down, currently has portfolio management duties for this publicly traded fund. The impact on TBLD's management will depend on the transition process and new management structure.

What is the total client assets managed by Thornburg Investment Management as of July 31, 2024?

Thornburg Investment Management oversees $46 billion in client assets, including $44.5 billion in assets under management and $1.2 billion in assets under advisement as of July 31, 2024.