LISLE, Ill.--(BUSINESS WIRE)--
Managed Duration Investment Grade Municipal Fund (the “Fund”)(NYSE: MZF)
announced today the election by the Fund’s Board of Trustees of Mr.
Clifford D. Corso as Chief Executive Officer. Mr. Corso, who currently
also serves as an interested Trustee and President of the Fund, succeeds
Mr. Kevin M. Robinson as Chief Executive Officer of the Fund. Mr.
Robinson will remain the Chief Legal Officer of the Fund.
Clifford D. Corso joined Cutwater Asset Management in 1994, establishing
the company's asset management platform and building it into a
significant fixed income manager. With a staff of 120 people, Mr. Corso
now oversees the investment of $34.2 billion in assets as of June 30,
2012, and directs the investment strategies of Cutwater's clients,
including pension funds, global banks, corporations, Taft Hartley and
insurance companies as well as hundreds of municipalities across the
Prior to joining the firm, Mr. Corso served as senior portfolio manager
and co-head of a fixed income division at Alliance Capital Management.
In his twenty seven-year career, he has held positions as a credit
analyst, restructuring specialist, trader and portfolio manager. He has
managed a wide range of fixed income products, including corporate,
asset-backed, government, mortgage, municipal, credit default swap and
derivative securities. He has developed several unique conduit
businesses including East-Fleet, a London based vehicle serving several
global banks. He was also an early pioneer in the credit derivatives
market, developing several investment programs starting in 2000, and
expanding this area to create the MINTS funds, one of the most
successful CDS funds ever created with over $1.6 billion in notional
value under management.
Mr. Corso began his career in banking positions as an analyst, lender
and trader, and has led several notable and large debt restructurings.
His analytical skills combine mathematics, game theory, economics,
psychology and investment theory.
Mr. Corso graduated from Yale University with a degree in economics and
earned an MBA from Columbia University. He has lectured on topics from
leadership to finance at many academic institutions, including Columbia
University and New York University, where he taught a course on
About Guggenheim Investments
Guggenheim Investments represents the investment management division of
Guggenheim Partners (“Guggenheim”), which consists of investment
managers with approximately $130 billion in combined total assets*.
Guggenheim Investments is comprised of several investment management
entities within Guggenheim, which includes Guggenheim Funds
Distributors, LLC – the Fund’s’s Servicing Agent. Collectively,
Guggenheim Investments has a long, distinguished history of serving
institutional investors, ultra-high-net-worth individuals, family
offices and financial intermediaries. Guggenheim Investments offers
clients a wide range of differentiated capabilities built on a proven
commitment to investment excellence. Guggenheim Investments has offices
in Chicago, New York City and Santa Monica, along with a global network
of offices throughout the United States, Europe, and Asia.
About Cutwater Investor Services Corporation
Cutwater Investor Services Corp. (“Cutwater”) serves as the Fund’s
investment adviser. Based in Armonk, New York, Cutwater, formerly known
as MBIA Capital Asset Management Corporation, was created in 1991 to
provide fixed-income investment products and services to institutional
and retail clients. The firm specializes in the management of
fixed-income securities and provides expertise in investment-grade
municipal bond investing. Cutwater is a wholly-owned subsidiary of MBIA,
Inc., which is listed on the New York Stock Exchange and is a component
stock of the S&P 500 Index. Additional information can be found at www.cutwater.com.
* The total asset figure is as of 6.30.2012 and includes $10.7B of
leverage for assets under management and $0.8B of leverage for Serviced
Assets. Total assets includes assets from Security Investors, Guggenheim
Partners Asset Management, Guggenheim Investment Management, Guggenheim
Funds and its affiliated entities, and some business units including
Guggenheim Real Estate, Guggenheim Aviation, GS GAMMA Advisors,
Guggenheim Partners Europe, Transparent Value Advisors, and Guggenheim
Partners India Management. Values from some funds are based upon prior
This information does not represent an offer to sell securities of the
Fund and it is not soliciting an offer to buy securities of the Fund.
There can be no assurance that the Fund will achieve its investment
objectives. The net asset value of the Fund will fluctuate with the
value of the underlying securities. It is important to note that
closed-end funds trade on their market value, not net asset value, and
closed-end funds often trade at a discount to their net asset value.
Past performance is not indicative of future performance. An investment
in closed-end funds is subject to investment risk, including the
possible loss of the entire amount that you invest. Some general risks
and considerations associated with investing in a closed-end fund
include: Investment and Market Risk; Lower Grade Securities Risk; Equity
Securities Risk; Foreign Securities Risk; Interest Rate Risk;
Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover
Provisions; Market Disruption Risk and Leverage Risk and AMPS Risk. See www.guggenheimfunds.com/cef
for a detailed discussion of fund-specific risks.
Investors should consider the investment objectives and policies,
risk considerations, charges and expenses of any investment before they
invest. For this and more information visit www.guggenheimfunds.com
or contact a securities representative or Guggenheim Funds Distributors,
LLC 2455 Corporate West Drive, Lisle, IL, 60532, 800-345-7999.
NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE
Member FINRA/SIPC (8/12)
Guggenheim InvestmentsAnalyst InquiriesWilliam
T. Korver, firstname.lastname@example.orgMedia
InquiriesJeaneen Pisarra, email@example.com
Source: Guggenheim Investments