American Beacon [see profile] just added a third sub-advisor to a three-star fixed income mutual fund. Today Penn Capital Management Company joined the sub-advisory team for the $117.6-million American Beacon High Yield Bond Fund, alongside fellow sub-advisors Logan Circle Partners and Franklin Templeton sibling Franklin Advisers [see filing].

Penn chief investment officer Rich Hocker and PM Martin Smith will join the fund's PM team, and it appears that the fees for the fund will rise by a few basis points (for instance, by three bps to 82 bps all-in for institutional shares).

MFWire.com could not immediately reach Hocker or American Beacon chief Gene Needles for comment on the move.

Employee-owned and based in Philadelphia, Penn offers US equity, US fixed income, and alternative strategies. 

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