Mutual Fund Manager Changes
For the Twelve Months Ending March, 2010
[For manager changes more than twelve months old, see the Archive of Manager Changes]
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| * This index includes all changes posted on this page, plus all changes posted in the manager change archive. To loacate a change posted on this page, you can also use the "find on page" function that comes with your browser. You can search for funds by name, or you can search for changes posted in a particular month, using the format M/YY. For example, to find manager changes posted in February 2010, search for 2/10. |
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About this page
This page (and the accompanying archive) primarily cover manager changes at stock and balanced mutual funds since the inception of FundAlarm (July, 1996). Selected manager changes at bond funds are also reported. This page is updated once a month, on the first day of the month (the same update schedule as the rest of the FundAlarm site).
- Section One (immediately below) is a drop-down index, listing all funds affected by manager changes that are posted on this page or the archive.
- Section Two lists manager changes posted this month, in alphabetical order by fund name.
- Section Three lists manager changes posted in previous months, also in alphabetical order by fund name. The date in brackets is the issue of FundAlarm in which the notice was originally posted. Postings remain on this page for 12 months, after which they are transferred to the Archive.
- Section Four lists fund companies recently sold, or reported up for sale. This information is of interest, because such companies often experience manager turnover.
We are committed to keeping the information on this page as complete and accurate as possible. If you wish to suggest a correction or addition, please e-mail. We will respond promptly.
Section One:
Index of all manager changes posted on FundAlarm
If your fund is listed in the scroll box below, it has been affected by a manager change that is posted on this page or on the archive page. Exit the index and scroll down the page to locate the information on your fund, or return to the menu at the top. [Top]
Section Two:
Manager changes posted for this month (March 2010)
 Dreyfus Bond Market Index: Laurie Carroll is out as manager, and Nancy Rogers takes over. [3/10]
Dreyfus Emerging Leaders: A management team (Oliver Buckley, Langton Garvin, Kristin Crawford) is replaced by an individual (David Daglio). [3/10]
Dreyfus Short-Intermediate Government: Laurie Carroll steps down as manager, and Theodore Bair, Jr. replaces her. [3/10]
Dreyfus Small Cap Value: The management team of Ronald Gala and Adam Logan is gone, and David Daglio is now in charge. The fund's name also has been changed, to Dreyfus Small Cap. [3/10]
Eaton Vance Balanced: This fund invests its assets in two other Eaton Vance funds -- Large-Cap Core Research and Investment Grade Income. There has been a manager change at the latter fund, so that also means a manager change here. Duke Laflamme is out as manager of Investment Grade Income, and the team of Thomas Luster and Bernard Scozzafava takes over. [3/10]
Eaton Vance Investment Grade Income: Duke Laflamme is out as manager. He's replaced by the team of Thomas Luster and Bernard Scozzafava.[3/10]
Fidelity Advisor Global Capital Appreciation: Comanager Victor Thay died on February 2, 2010. Thomas Allen is the new solo manager, succeeding both Thay and the other comanager, Sammy Simnegar. [3/10]
Fidelity Export and Multinational: Manager Victor Thay died on February 2, 2010. Heather Carillo, formerly in charge of Fidelity Select Computers (see below), replaces Thay. [3/10]
Fidelity Select Chemicals: Manager Matthew Schuldt is on his way to Fidelity Select Computers (see below), which clears the way for a new manager here, Mahmoud Sharaf, effective April 1, 2010. [3/10]
Fidelity Select Computers: Manager Heather Carillo is moving on to Fidelity Export and Multinational, and Matthew Schuldt (formerly of Fidelity Select Chemicals) replaces her, effective April 1, 2010. Schuldt's previous research and managerial experience was in the area of chemical, industrial gas, and agriculture companies, which should come in handy here, since computers are made with chemicals (kind of), they emit industrial gases (when burned), and they can be used in the garden as planters (when obsolete). [3/10]
Generation Wave Growth: GNI Capital, Inc. is fired as subadvisor, which also disposes of day-to-day managers Charles Norton and Allen Gillespie, who were affiliated with GNI. The fund's investment adviser will henceforth handle management itself, in the person on Jeff Middleswart. [3/10]
JP Morgan Intrepid America: A three-person management team is now down to two: Robert Weller is gone, and Christopher Blum (lead) and Jason Alonzo remain. [3/10]
JP Morgan Intrepid Growth: See JP Morgan Intrepid America, above. [3/10]
JP Morgan Intrepid Multi Cap: See JP Morgan Intrepid America, above. [3/10]
JP Morgan Intrepid Value: See JP Morgan Intrepid America, above. [3/10]
MFS Sector Rotational: Valley Forge Capital Advisors is removed as subadvisor, so day-to-day manager Michael Mara (of Valley Forge) also is gone. MFS is taking management of this fund in-house, and Matthew Krummell will carry the flag for MFS. [3/10]
Principal Large Cap Value: John Pihlblad is out as co-manager, and Jeffrey Schwarte replaces him. Arild Holm continues as co-manager. [3/10]
Vice: See Generation Wave, above. [3/10]
Section Three:
Manager changes posted for the preceding eleven months (April 2009 through February 2010)
~A-E~
AllianceBernstein Balanced Shares: Co-manager Aryeh Glatter separates from co-manager Frank Caruso, but Caruso is not alone for long. This fund is now managed by Caruso, Alison Martier, Shawn Keegan, and Joran Laird. [2/10]
AllianceBernstein Global Thematic Growth: Robert Scheetz and Andrew Reiss are gone from this seven-person team, and no replacements have been announced, so the remaining five managers must strain a little harder to come up with their global themes. [2/10]
AllianceBernstein International Growth: Robert Scheetz steps down from this three-person management team and, at least for now, he won't be replaced. [2/10]
AllianceBernstein Small/Mid Cap Growth: According to documents on the AllianceBernstein Web site, five of the nine managers previously working on this fund are gone (unfortunately, it doesn't appear that AllianceBernstein has yet seen fit to notify the SEC about these changes). In case you are keeping score, or if you just want to update your Christmas list, the departing managers are James Russo, Catherine Wood, Amy Raskin, Thomas Zottner and Benjamin Ruegsegger. [5/09]
AllianceBernstein Value: According to Pensions & Investments, John Mahedy leaves as lead manager of this five person management team, and leaves the firm. Also apparently leaving the team is Marilyn Fedak. We say "apparently leaving" in the case of Fedak because AllianceBernstein hasn't yet gotten around to filing this change with the SEC. However, Mahedy and Fedak co-managed a portion of Vanguard Windsor, and both of them definitely have left that fund (see below). If Fedak isn't available to manage Windsor, we're assuming (with virtual certainty) that she also isn't available to manage this fund. Got that? You know, life would be so much easier if fund companies just filed those **** papers on time with the SEC. [10/09; update 11/09: Jospeh Paul replaces John Mahedy]
Allianz OCC Growth: Robert Urquhart leaves as co-manager (he had been in place only since last fall). Continuing co-manager Jeffrey Parker is joined by Bill Sandow. [2/10]
Allianz OCC Growth: Martin Mickus leaves as co-manager. Lead manager Robert Urquhart remains in charge, joined by Jeff Parker (of Allianz OCC Target -- see below). [9/09]
Allianz OCC Renaissance: Oppenheimer Capital LLC ("OCC") is fired as day-to-day manager (subadvisor), and NFJ INvestment Group takes over. The NFJ management team is led by Paul Magnuson, and includes Benno Fischer and Morley Campbell. The fund also has been renamed -- you guessed it -- Allianz NFJ Renaissance. [7/09]
Allianz OCC Target: Martin Mickus leaves as co-manager. Lead manager Jeff Parker remains in charge, joined now by William Sandow. [9/09]
American Century Life Sciences: Steve Lurito leaves as manager, and leaves the firm. Joe Reiland replaces Lurito. But a shareholder vote on May 5, 2009 may make this change moot, since this fund is likely to be merged into American Century Growth later this month. [5/09]
American Century LIVESTRONG Portfolio (all) : Jeff Tyler retires as lead manager, and Scott Wittman (a new hire from Munder) replaces him. Irina Torelli continues as the other half of the management team . [7/09]
American Century One Choice Portfolio (all) : See American Century LIVESTRONG Portfolio, above. [7/09]
American Century Select: Steve Lurito leaves as a member of this fund's three-person management team, and leaves the firm. Former comanagers Kenneth Lee and Michael Li are now in charge. [5/09]
American Century Strategic Allocation (Conservative/Moderate/Aggressive): Jeff Tyler retires as a member of this three-person management team. Continuing management team members Enrique Chang and Irina Torelli are joined by Scott Wittman, who has moved over from Munder (see below). [7/09]
American Century Technology: See American Century Life Sciences [5/09], above. [5/09]
American Century Ultra: See American Century Select, above. [5/09]
American Century Vista: Glenn Fogle takes a leave of absence as lead manager. Bradley Eixmann, who assisted Fogle, is now listed as sole manager. [10/09]
Artisan Small Cap: Marina Carlson retires as manager. Carlson hands the reins over to comanager Craigh Cepukenas, who is joined by Andrew Stephens and James Hamel (the latter two in charge of, and remaining in charge of, Artisan Mid Cap and Artisan Oportunistic Growth). [11/09]
AssetMark Core Plus Fixed Income: This fund is subadvised by two "Western" teams: one from Western Asset Management Company and the other from Western Asset Management Company Limited. Detlev Schlichter leaves Western team #1, but there's plenty more where he came from: Six of his colleagues will carry on. [11/09]
AssetMark Small/Mid Cap Growth: Two subadvisory firms manage this fund -- Nicholas-Applegate Capital Management and Copper Rock Capital Partners -- and the four-person Nicholas-Applegate team loses one of its members, Carma Wallace. We don't know if this Carma was good or bad. [1/10]
Aston/MB Enhanced Equity Income: MB Investment Partners is replaced as day-to-day manager (subadvisor) by M.D. Sass Investors Services, and the fund will be renamed Aston/M.D. Sass Enhanced Equity. Ronald Altman was the lead manager before the change and he's still the lead manager after the change: In a relatively unusual move, Altman has apparently jumped firms (from MB to M.D. Sass), and the subadvisory contract has followed him. Martin Sass is now listed as comanager of the fund. [7/09]
BlackRock funds (several): Scott Amero will retire as one of the firm's top fixed-income executives at the end of 2010, and he will shed his portfolio management duties even sooner (the end of March). Mr. Amero is a well-networked guy within BlackRock, so his retirement will remove him from each of the following fund management teams (all funds are "BlackRock"):
- Balanced Capital
- Enhanced Income
- High Yield Bond
- Intermediate Government Bond
- Intermediate Bond II
- Intermediate Bond
- Low Duration Bond
- Managed Income
- Total Return
- Total Return II [2/10]
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BlackRock Aurora: See BlackRock Small Cap Core Equity, below. [1/10]
BlackRock High Income: Co-manager Kevin Booth leaves partner James Keenan behind. Going forward, Keenan is joined by new co-managers Mitchell Garfin and Derek Schoenhofen. [6/09]
BlackRock High Yield Bond: See BlackRock High Income, above. [6/09]
BlackRock Mid-Cap Value Equity: Wayne Archambo leaves as co-manager, and Kate O'Connor replaces him. Anthony Forcione is the continuing co-manager. [1/10]
BlackRock Small Cap Core Equity: Wayne Archambo steps down as co-manager; Archambo's replacement is Anthony Forcione. Kate O'Connor is the continuing co-manager. [1/10]
Buffalo China: When Jayhawk Capital Management resigned as subadvisor of this fund in November 2008, John Kornitzer was named manager (or perhaps we should say, "named himself manager," since Kornitzer Capital Management runs this fund, as it does all the Buffalo funds). One might have expected a search for another subadvisor with experience in the Chinese market, and maybe that search took place, but we probably will never know. Now, we learn that the new managers of this fund are all in the family: William Kornitzer and Nicole Kornitzer have been put in charge, and neither sports a resume that is especially impressive for a specialized fund like this one: William has been co-manager of Buffalo Large Cap and Buffalo USA Global for a few years each, and Nicole has been an analyst with Kornitzer for about seven years, on and off. Oh, and Nicole's academic credentials include a B.A. in Biology and a Masters Degree in French Cultural Studies. [6/09]
Buffalo Micro Cap: Kent Gasaway and Robert Male leave this four-person management team. The remaining two managers, Grant Sarris and John Bichelmeyer, are now in charge. What's going on at this fund? Here's David Snowball's take, which sounds plausible to us, as originally posted on the FundAlarm Discussion Board: "Here's my guess on Buffalo Micro cap (BUFOX): The managers "removed" from the one-star Micro Cap fund (which has, by the way, had a very good 2009) are also the managers of the five-star Small Cap fund (BUFSX). At the same point that Buffalo/Kornitzer announced their departure from Micro-Cap, they announced their decision to keep Small Cap open indefinitely. (They had previously committed to reclosing the fund at $1.3 billion but argued that market volatility is such that the fund could move substantially above and below that threshold repeatedly throughout the year.) As of 3/31, Small Cap was sitting right around the $1.3 billion threshold but has likely climbed substantially since then. My guess is that Buffalo wants the "A" team to focus on Small Cap and is entrusting their tiny ($17 million) Micro Cap to two more-recent hires." [6/09]
Calvert World Values International Equity: Acadian Asset Management is out as subadvisor. Three firms are taking over for Acadian: Calvert Asset Management Company, Thornburg Investment Management, and Martin Currie, Inc. [1/10]
Chase Growth: David Scott is retiring as comanager. Firm founder Derwood Chase takes over for Scott, joining continuing comanager Brian Lazorishak. [11/09]
Chase Mid Cap Growth: See Chase Growth, above. [11/09]
CNI Charter California Tax-Exempt Bond: Alan Remedios leaves as co-manager, perhaps because he got tired of dealing with all those plummeting bond ratings ("Oops, there goes another one!"). Gregory Kaplan replaces Remedios, joining continuing manager Rodney Olea. [12/09]
Columbia funds (several): The departure of Thomas LaPointe, for Third Avenue, triggers several management team changes, as follows:
| Columbia fund | Old management team | New manager/management team
|
|---|
| Conservative High Yield | Kevin Cronk / Thomas LaPointe | Kevin Cronk
| | High Yield Opportunity | Kevin Cronk / Thomas LaPointe | Kevin Cronk
| | Income | Carl Pappo / Kevin Cronk / Thomas LaPointe | Carl Pappo / Kevin Cronk
| | Intermediate Bond | Carl Pappo / Kevin Cronk / Lee Reddin / Thomas LaPointe | Carl Pappo / Kevin Cronk / Lee Reddin
| | Strategic Income | Laura Ostrander / Thomas LaPointe / Kevin Cronk | Laura Ostrander / Kevin Cronk
| | Total Return Bond | Powers / Carlson / Pappo / Reddin / Cronk / LaPointe / Ostrander | Powers / Carlson / Pappo / Reddin / Cronk / Ostrander
| | [7/09]
|
Columbia Small Cap Core: Allyn Seymour is out as co-manager. Remaining co-managers Peter Larson and Richard D'Auteuil will now run the show. Columbia had announced that Larson would be retiring on June 30, 2009, but that retirement has been postponed. Larson, who has been a manager of this fund since 1992, and (as of September 30, 2008) didn't own a single share of his own fund, will now have an additional opportunity to buy some shares. And maybe Larson can have a talk with D'Auteul, who has been a manager since 2005 and also doesn't own a single share of his own fund. Let's see: Two managers with 22 years on the job between them, and neither one sees fit to invest a penny of his own money in his fund? Could you tell me again why anyone else should be interested in this fund? [6/09]
Davis Global: Jae Chung leaves a five-person management team, which becomes a six-person team after Chung's departure (the new managers -- Davis calls them "research analysts," who work under "research adviser" Chris Davis -- are Andrew Davis and Chandler Spears). [12/09]
Davis International: See Davis Global, above. [12/09]
Delaware American Services: A six-person "Emerging Growth Equity" management team, led by Marshall Bassett, is replaced by a seven-person [take that!] "Focus Growth Equity" team led by Jeffrey Van Harte. As suggested by the management change, the fund's investment approach also changes, to focused growth across all capitalization ranges, and the fund's name changes to Delaware Growth Equity. Other than that, there is nothing to report. [2/10]
Delaware Growth Opportunities: A six-person "Emerging Growth Equity" management team, led by Marshall Bassett, is replaced by the two-person team of Christopher Bonavico and Kenneth Broad. The fund's name change, to Delaware Smid Cap Growth, [is there any investment term that sounds uglier than "smid?"] also tells you about the change in the fund's investment approach. [2/10]
Delaware Trend: A six-person "Emerging Growth Equity" management team, led by Marshall Bassett, is replaced by the two-person team of Christopher Bonavico and Kenneth Broad. The fund's investment approach also changes, to focused smid cap growth. [2/10]
Dover Long/Short Sector: Dover Asset Management is out, and Tocqueville Asset Management takes over. Thomas Vandeventer and Pter Shawn, both of Tocqueville, have the day-to-day management responsibility. And, with Dover gone -- you guessed it -- the Dover name is also gone: This fund is now officially The Market Neutral Fund. [11/09]
Dreyfus muni-bond funds (several):
| Dreyfus fund | Old management | New management
|
|---|
| AMT-Free Municipal Bond | Douglas Gaylor | James Welch
| | Intermediate Municipal Bond | Douglas Gaylor / Steven Harvey | Steven Harvey
| | Short-Intermediate Municipal Bond | Douglas Gaylor | James Welch
| | [12/09]
|
Dreyfus California AMT-Free Municipal Bond: Joseph Darcy is gone as manager, replaced by the team of Jeffrey Burger and James Welch. [1/10]
Dreyfus New York Tax Exempt Bond: Joseph Darcy and Steven Harvey are out as managers. The team of Thomas Casey and David Belton is now in charge. [1/10]
Dunham Emerging Markets: Van Eck Associates is out as subadvisor, and Marvin & Palmer Associates takes over (David Schaen of Marvin & Palmer handles the day-to-day responsibilities). [12/09]
DWS Blue Chip Growth: Julie Abbett leaves this fund's three-person management team. Co-managers James Francis and Robert Wang continue without her. [8/09]
DWS Capital Growth: Richard Shepley leaves this three-person management team, and Thomas Hynes replaces him. [1/10]
DWS Disciplined Long/Short Growth: See DWS Blue Chip Growth, above. [8/09]
DWS Disciplined Market Neutral: See DWS Blue Chip Growth, above. [8/09]
DWS Dreman High Return Equity: David Dreman and his firm, Dreman Value Management, are fired, effective June 1, 2009. DWS is the U.S. investment arm of Deutsche Bank, and management of this fund is essentially being brought in-house: a three-person team (based in Frankfurt, Germany), and working for Deutsche Investment Management Americas, will run the show. Also, the fund will be renamed DWS Strategic Value. [5/09]
DWS Dreman Mid Cap Value: F. James Hutchinson leaves this three-person management team, and E. Clifton Hoover steps in for him. [1/10]
DWS Emerging Markets Equity: Tara Kenney and Stephen Russell are no longer listed as managers. Thomas Gerhardt of Deutsche Asset Management in Frankfurt, who was previously listed as a "consultant" to the fund, is now lead manager, assisted by Rainer Vermehren, who also is based in Frankfurt. [9/09]
DWS Growth & Income: See DWS Blue Chip Growth, above. [8/09]
DWS Latin America Equity : Tara Kenney and Stephen Russell leave as managers, after a tenure of about six months. Rainer Vermehren, currently on the management team, is joined by Florian Tanzer. [8/09]
DWS Target 2010/2011/2012/2013/2014: Julie Abbett leaves this fund's six-person management team. No replacement has been announced, at least for now. [8/09]
Eaton Vance Large-Cap Growth: Co-manager Duncan Richardson steps down. Remaining co-manager Lewis Piantedosi appears to get promoted to lead manager, and he also gets a new assistant (Yana Barton). [1/10]
Elfun Diversified: See GE Total Return, below.
[10/09]
Elfun International Equity: See GE International Equity, below. [12/09]
Evergreen Core Bond: Tattersall Advisory Group is fired as subadvisor, and Wells Capital Management takes over. (Technically, Wells is now "interim" subadvisor, until it is approved by shareholders in April 2010.) Running the show for Wells are Troy Ludgood, Thomas O'Connor, Lynne Royer and William Stevens. [12/09; this is an update of a 5/09 posting]
Evergreen Core Bond Plus: Tattersall Advisory Group and First International Advisors are fired as subadvisors, and Wells Capital Management takes over (subject to shareholder approval in April 2010). In charge of the fund for Wells are Michael Bray, James Newton II, Thomas Price and Janet Rilling. [12/09; this is an update of a 5/09 posting]
Evergreen Mid Cap Growth: Kenneth Doerr leaves this four-person management team, which is now down to three: Robert Junkin, Lori Evans and Julian Johnson. [12/09]
Evergreen Short Intermediate Bond: See Evergreen Core Bond, above. [12/09; this is an update of a 5/09 posting]
Evergreen Small-Mid Growth: See Evergreen Mid Cap Growth, above. [12/09]
~F-J~
FBR Focus: Charles Akre resigns as day-to-day manager. Akre is president of Akre Capital Management and, in that capacity, had subadvised this fund for FBR since inception. Akre has decided that he would rather start and run his own fund, which he has: it's called Akre Focus, and the ticker is AKREX. Meanwhile, in response to being screwed by Akre, FBR has initiated a counter-screw: FBR has hired three former analyst/employees of Akre's firm, and these folks (David Rainey, Brian Macauley and Ira Rothberg) will now be in charge of Focus. FBR says that all three were "directly involved in the day-to-day research and management of the [fund's] portfolio investments" while they worked under Akre, which is great, but the fact remains that they still are not Akre. Score this one as a big loss for FBR, and for shareholders of this fund. [9/09]
Federated Real Return Bond: Thomas Mitchell is out as comanager and his replacement, Bryan Dingle, joins continuing comanager Donald Ellenberger. [12/09]
Fidelity Advisor Emerging Asia: Kevin Chang leaves the manager's chair, and Colin Chickles assumes it. [2/10]
Fidelity Advisor Health Care: See Fidelity Select Health Care, below. [4/09]
Fidelity Adviser Strategic Income: See Fidelity Strategic Dividend & Income, below. [6/09]
Fidelity Adviser Telecommunications: See Fidelity Select Telecommunications, below. [Change effective 7/1/09, posted 6/09]
Fidelity Asset Manager funds (all) : Derek Young is gone as manager, and Geoffrey Stein is now in charge. [6/09]
Fidelity Blue Chip Growth: Jennifer Uhrig is out as manager, and Sonu Kalra takes over. [Change effective 7/1/09, posted 6/09]
Fidelity China Region: Wilson Wong is out as manager, and Joseph Tse takes his place. [2/10]
Fidelity Four-In-One Index: William Hall leaves as co-manager, making room for Christopher Sharpe. [6/09]
Fidelity Global Balanced: Derek Young leaves as co-manager. Replacing Young is Geoffrey Stein. [Change effective 7/1/09, posted 6/09]
Fidelity Income Replacement funds (all) : Co-manager Christopher Sharpe moves on to other funds (see above and below), and he's replaced at this fund by Andrew Dierdorf. [6/09]
Fidelity Large Cap Growth: Edward Best leaves as manager, and Jeffrey Feingold takes over. [12/09]
Fidelity Mega Cap: Richard Mace is gone as manager, and Matthew Fruhan is now calling the shots. [5/09]
Fidelity Nordic: Ronald Port steps down as manager, and Melissa Reilly takes his place. [5/09]
Fidelity OTC Portfolio: Sonu Kalra steps down as manager (he's headed for Fidelity Blue Chip, above). Replacing Kalra is Gavin Baker. [Change effective 7/1/09, posted 6/09]
Fidelity Select funds (several)
| Fidelity fund | Old manager | New manager
|
|---|
| Select Automotive | Alton Miles | Michael Weaver
| | Select Environmental | Stavros Koutsantonis | Douglas Simmons
| | Select Health Care | Matthew Sabel
(comanager) | Edward Lee Yoon
| | Select Medical Delivery | Matthew Sabel | Andrew Hatem
| | Select Software and Computer Services | Mayank Tandon | Brian Lempel
| | Select Transportation | Anton An | John Mirshekari
| | [4/09]
|
Fidelity Select Air Transportation: Manager Maurice FitzMaurice heads out the revolving door, and John Mirshekari steps in. [5/09]
Fidelity Select Defense and Aerospace: Manager Maurice FitzMaurice is out, and John Sheehy takes over. Sheehy also manages Fidelity Select Paper and Forest Products; since there aren't many paper or wood products on the modern battlefield or in modern aviation, Sheehy might not seem particularly well-qualified to run a fund that specializes in defense and aerospace companies. On the other hand, he should be superbly well-qualified to analyze any company that makes paper airplanes or battering rams.
[5/09]
Fidelity Select Insurance: Brian Wilhelm head out the managerial revolving door, and Court Dignan takes over.
[10/09]
Fidelity Stock Selector: James Catudal steps down as lead manager. Christopher Sharpe and Geoffrey Stein are now in charge, assisted by a whole bunch of people (nine, in all). [12/09]
Fidelity Southeast Asia: Jess Tan is out as manager, replaced by Colin Chickles. [11/09]
Fidelity Select Telecommunications: Manager Gavin Baker moves to Fidelity OTC (above), which means that someone has to take over here. That someone would be Kristina Salen. [Change effective 7/1/09, posted 6/09]
Fidelity Strategic Dividend & Income: Derek Young is out as co-manager, and Christopher Sharpe replaces him. [6/09]
Fidelity Strategic Income: See Fidelity Strategic Dividend & Income, above. [6/09]
Fidelity Strategic Real Return: See Fidelity Strategic Dividend & Income, above. [6/09]
Forward Emerging Markets: This fund is subadvised by Pictet Asset Management Limited, and there's been some turnover at Pictet: Tom Rodwell is off the two-person team, and Klaus Bockstellar joins continuing team member Nidhi Mahurkar. [11/09]
FPA Capital: Comanager Robert Rodriguez will start a one-year sabbatical on January 1, 2010; although Rodriguez plans to return to the fund's advisory firm (First Pacific Advisors), he does not plan to resume day-to-day management responsibilities. Running the show, starting in 2010, will be current comanagers Dennis Bryan and Rikard Ekstrand. FundAlarm comments: Assuming that Rodriguez isn't leaving for health reasons, and there's no suggestion that he is, this appears to be as case of "When the going gets tough, the tough leave." Public comments from Rodriguez lately have been notably testy and frustrated. Sure, he's pissed about the way the financial markets and the economy have turned out, but aren't we all? Rodriguez has made a personal fortune managing money for FPA and its clients. You'd think that he might have been able to suck it up for another year or two, and give those many people who made him so wealthy just a little more of his expertise, now that they (arguably) need him the most. Instead, he thanks us all by bailing out. [4/09]
FPA New Income: The same sabbatical that takes Robert Rodriguez away from FPA Capital (above) will take him away from this fund, effective January 1, 2010; although Rodriguez plans to return to the fund's advisory firm (First Pacific Advisors), he does not plan to resume day-to-day management responsibilities. Current comanager Thomas Atteberry will run this fund solo upon the departure of Rodriguez. [4/09]
GAMCO Global Convertible Securities: Co-manager Wayne Plewniak bails out, leaving Mario Gabelli as the sole manager in charge, at least officially. [1/10]
GE International Equity: Makoto Sumino leaves this six-person management team. For now, at least, Sumino is not being replaced. [12/09]
GE Small-Cap Equity: David Wiederecht is out as manager, and Judith Studer takes over. The manager of this fund "is vested with oversight authority over the Fund's subadvisers that provide day-to-day-day management," and the fund's subadvisers haven't changed, so you could say that nothing has changed, and this entire paragraph is unnecessary. But we just report them as the fund companies report them.
[10/09]
GE Total Return: David Wiederecht leaves this six-person management team. No replacement has been announced. [10/09]
HighMark Core Equity: Richard Rocke steps down as part of this three-person management team, and now there are two (David Goerz and Derek Izuel). [11/09]
HighMark Small Cap Advantage: See HighMark Core Equity, above. [11/09]
ICM Small Company: Co-manager Robert McDorman will retire at the end of February 2010. McDorman's four remaining colleagues will continue in charge. [1/10]
Janus Adviser Perkins Small Company Value: Jakob Holm leaves as manager. He is replaced by the tried-and-true team that also managers Perkins Small Cap Value (Robert Perkins and Todd Perkins, joined here by Justin Tugman).
[4/09]
Janus Global Opportunities: Jason Yee is out as manager (after being fired from Janus Worldwide, below, there is apparently no place left for him at the firm). Former comanager Gregory Korb now runs this fund solo. [5/09]
Janus Worldwide: Jason Yee is fired as manager -- finally -- and Laurent Saltiel takes over. Saltiel has been running two relatively new Janus Advisor funds -- International Equity and International Forty -- with some distinction, so this change at least gives Worldwide investors some hope. [5/09]
JHancock Financial Industries: Roger Hamilton steps down from this three-person management team. Now, it's a two-person team, with Susan Curry and Lisa Welch continuing. [10/09]
JP Morgan China Region: Kevin Chan leaves this three-person management team, and now there are two in charge: Howard Wang and Emerson Yip. [12/09]
JPMorgan Emerging Markets Debt: Robert Michele is out as manager, replaced by Pierre-Yves Bareau. Michele, who took over in August 2009, was apparently intended as an interim replacement all along. [11/09]
JPMorgan Real Return: Timothy Neumann leaves as comanager. Replacing Neumann is Steven Lear, who joins continuing comanager Donald Clemmenson. [Change effective 8/09, posted 11/09]
~K-N~
Legg Mason Partners Large Cap Growth: Alan Blake leaves as co-manager, and leaves the firm, effective October 31, 2009. Peter Bourbeau, who was elevated to co-manager status in mid-July 2009, will continue to run the fund after Blake's departure, assisted by his new co-manager, Scott Glasser. [9/09]
Longleaf Partners International: Andrew McDermott steps down as co-manager, and leaves the management firm (Southeastern Asset Management). Mason Hawkins and Staley Cates will continue on without him. As part of the McDermott announcement, Hawkins and Cates announced the promotion of Scott Cobb and Ken Siazon to head the firm's European and Asian stock research, respectively. Presumably, Cobb and Siazon are in line for co-manager promotions at this fund sometime in the relatively near future. Just not right now, guys. [9/09]
Lord Abbett Affiliated: The management team of Eli Salzmann and Kenneth Fuller steps down, and they are replaced by Daniel Frascarelli. [Change effective July 1, 2009, posted 6/09]
Lord Abbett Large Cap Value: See Lord Abbett Affiliared, above. [Change effective July 1, 2009, posted 6/09]
Lord Abbett Convertible: Maren Lindstrom departs as comanager, moving Christopher Towle from comanager to sole manager. [11/09]
Lord Abbett municipal bond funds (several): Peter Scott Smith replaces Daniel Vande Velde as comanager of the following Loard Abbett "Tax Free" funds: Connecticut, New Jersey, New York, Georgia and Pennsylvania. Daniel Solender is the other comanager, who continues. [11/09]
Mainstay 130/30 International: Luke Smith, of subadvisor Madison Square Investors, is gone from the management team. Smith's colleague from Madison Square, Andrew Ver Planck, will carry on without him. [2/10]
Managers Small Cap: TimesSquare Capital Management is removed as manager, and Frontier Capital Management, of Boston, takes over.
[10/09]
MassMutual Select Diversified Value: As with Vanguard Windsor (see below), we're assuming that John Mahedy and Marilyn Fedak, employees of subadvisor AllianceBernstein, leave as co-managers of this fund (MassMutual also hasn't gotten around to filing with the SEC). While we're in the assuming mode, we'll assume that remaining co-manager David Yuen is continuing in charge, and that he is joined by Joseph Paul. [10/09]
MassMutual Select Small Cap Value Equity: SSgA Funds Management is fired as subadvisor, and two new subadvisors take over: Wellington Capital Management (ho-hum) and Barrow, Hanley, Mewhinney & Strauss. The faces behined the corporate names are Shaun Pedersen and Timothy McCormack at Wellington, and James McClure and John Harloe at Barrow. [11/09]
MEMBERS Aggressive Allocation: Scott Opsal is out as co-manager. David Hottman replaces Opsal and, presumably, gets the MEMBERS-only jacket. Patrick Ryan is the continuing manager. Opsal, Hottman and Ryan are (or were) all on the payroll of Madison Asset Management, which took over as subadvisor for this fund on July 1, 2009. [11/09]
MEMBERS Conservative Allocation: See MEMBERS Aggressive Allocation, above. [11/09]
MEMBERS Large Cap Value: Scott Opsal is out as comanager, and John Brown now runs this fund solo. [11/09]
MEMBERS Moderate Allocation: See MEMBERS Aggressive Allocation, above. [11/09]
Morgan Stanley Institutional Global Franchise: See Van Kampen Global Franchise, below. [6/09]
Morgan Stanley Institutional Global Value Equity: See Van Kampen Global Value Equity, below. [6/09]
Munder Energy: Michael Bryk and John Kreiter are out as managers. Brian Kozeliski and Peter Collins take over. [7/09]
Munder International Equity: Scott Wittman and Armando Lacayo leave this three-person management team (Wittman is headed for American Century, above). Brian Kozeliski continues as comanager, joined by Peter Collins. [7/09]
Mutual Beacon: Michael Embler leaves as co-manager, and leaves the firm. Mandana Hormozi moves over from Mutual Global Discovery, and replaces Embler. [6/09]
Mutual Financial Services: Charles Lahr leaves as manager and leaves the firm. Andrew Sleeman takes over. [1/10]
Mutual Global Discovery: Managers Anne Gudefin and Charles Lahr decide that it's time to leave the firm. Peter Langerman and Philippe Brugere-Trelat decide that, yes, they really would like to manage this fund, and so they will. [1/10]
Mutual Global Discovery: Mandana Hormozi leaves this three-person team, to take over Michael Embler's spot at Mutual Beacon (see above). It's now a two-person team (Anne Gudefin and Charles Lahr). [6/09]
Mutual Quest: Co-manager Anne Gudefin says goodby to the firm, leaving her colleage Shawn Tumulty to run this fund solo. [1/10]
Needham Aggressive Growth: Bernard Lirola is out as manager, and John Barr replaces him. [2/10]
Needham Growth: Bernard Lirola is out as co-manager, and John Barr replaces him, joining continuing manager Chris Retzler. [2/10]
Nuveen Santa Barbara Growth: George Tharakan leaves as a member of this four-person management team. [12/09]
Nuveen Santa Barbara Growth Opportunities: George Tharakan leaves as manager, and it takes two to replace him (Allan House and Christopher Leonard). [12/09]
~O-S~
Old Mutual Clay Finlay China: Clay Finlay LLC is fired as day-to-day manager (i.e., subadvisor), and Clough Capital Partners, LP takes over. The name of the fund is changed to Old Mutual China and, in December 2009, shareholders will be asked to approve the merger of this fund into the Clough China Fund. [8/09]
Old Mutual Large Cap Growth: Effective August 22, 2009, Turner Investment Partners will be terminated as one of this fund's two subadvisors. Ashfield Capital Partners, the other subadvisor, will handle 100% of the fund's portfolio by itself. [8/09]
Oppenheimer Core Bond: The management team of Gord/Caan/Bomfim/Swaney is out, and Krishna Memani takes over. [4/09]
Oppenheimer Limited Term Government: See Oppenheimer Core Bond, above. [4/09]
Oppenheimer Main Street: The three-person team in charge of this fund is gone, to make room for a couple of new arrivals from RS Investments. In other words: Reinganum/Zavanelli/Zhou are out, and Manind Govil and Benjamin Ram are now in charge. [6/09]
Oppenheimer Main Street Opportunity: The management team of Reinganum/Zavanelli/Zhou is out. Manind Govil and Anthony Gennaro, formerly of RS Investments, are now running the show. [6/09]
Oppenheimer Rochester Municipal funds: Lead manager Ronald Fielding, who appears to have had a hand in running all of the Oppenheimer Rochester municipal funds, retires this month. Daniel Loughran, a senior member of the seven-person management team, takes over for Fielding. [5/09]
Oppenheimer U.S. Government Trust: See Oppenheimer Core Bond, above. [4/09]
Paradigm Select: John Walthausen is gone as manager. The team of Jonathan Vyorst and Jason Ronovech takes over for Walthausen [change effective 8/07, posted 1/08; thanks to "RC" for his persistence in bringing this change to our attention]
Paradigm Value: See Paradigm Select, above.
PIMCO Convertible: Mark Hudoff leaves as manager, and leaves the firm. The ever-present Bill Gross takes over, probably temporarily. [6/09]
PIMCO Emerging Markets Bond: Michael Gomez is out as manager, and Curtis Mewbourne takes over. [5/09]
PIMCO High Yield: See PIMCO Convertible, above. [6/09]
PIMCO Income: Mark Hudoff leaves as co-manager. Daniel Ivascyn now runs this fund solo. [6/09]
Pioneer Emerging Markets: Christopher Smart leaves the fund, and leaves the firm. He is replaced by John Pollen. [8/09]
Pioneer Global Equity: Neil Robson departs as comanager, leaving Piergaetano Laccarino to run this fund solo. [12/09]
PL International Large-Cap: David Mannheim leaves as comanager. Daniel Ling joins continuing comanager Marcus Smith. [12/09]
PNC International Equity: Two subadvisory firms manage this fund -- Morgan Stanley and GE Asset Management -- and the six-person GEAM team loses one of its members, Makoto Sumino. [1/10]
PNC Total Return Bond: Lead manager Brendan Burke is gone from the fund. Burke's two colleagues, who are experts on corporate credit and structured credit, remain with the fund to provide advice on sector weightings and security selection. New to the fund team is lead manager Timothy Compan, Jr., who is joined by Andrew Harding. [1/10]
Putnam Global Industrial: David Gerber is out as manager. The team of Ferat Ongoren and Nathaniel Slater takes over for Gerber. [1/10]
Putnam municipal bond funds (several): Brad Libby is fired from Putnam's four-person muni-bond-fund team, leaving three managers in charge of the "Tax Exempt Income" funds for the following states: Arizona, California, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, Pennsylvania. Libby's departure also cuts the management team down to three at the following Putnam funds: AMT-Free Municipal, Tax Exempt Income, and Tax-Free High Yield. [1/10]
Putnam Global Telecommunication: Co-manager Coo Way Law is relieved of duty, and Vivek Gandhi now runs this fund solo. [1/10]
Putnam International Growth & Income: Manager Pamela Holding retires on January 1, 2010. She is replaced by Darren Jaroch. [1/10]
Quaker Small-Cap Growth Tactical Allocation: Day-to-day manager (i.e., subadvisor) Bjurman, Barry & Associates has gone belly-up, so Quaker has replaced Bjurman with Century Management. [5/09]
RiverSource Balanced: Jamie Jackson leaves the fixed-income side of this fund -- specifically, the "liquid assets [i.e, U.S. Treasury securities] sector" -- and Todd White takes his place. [4/09]
RiverSource Diversified Bond: Jamie Jackson leaves as head of this fund's "liquid assets sector" (i.e, U.S. Treasury securities] and Todd White, formerly in charge of the "structured assets sector" (i.e., mortgage-backed securities) takes Jackson's place. [4/09]
RiverSource Inflation Protected: Jamie Jackson leaves as manager, and Todd White takes over. [4/09]
RiverSource Limited Duration Bond: See RiverSource Diversified Bond, above. [4/09]
RiverSource Partners Small Cap Equity: RiverSource has fired all three of this fund's outside managers (American Century, Jennison, and Lord Abbett). Effective August 10, 2009, the fund is managed day-to-day by RiverSource alone. [9/09]
RiverSource Short Duration U.S. Government: Jamie Jackson leaves as comanager. Todd White will continue running this fund, joined by John McColley. [4/09]
RiverSource Strategic Allocation: See RiverSource Diversified Bond, above.
RS Growth: John Seabern leaves as manager, and leaves the firm. The "RS Growth Team" takes over (which would be Stephen Bishop, Melissa Chadwick-Dunn, Allison Thacker and D. Scott Tracy). [6/09]
RS Large Cap Alpha: Manager Manind Govil leaves the fund, and leaves the firm. As far as we know, Govil filled only two shoes, but RS is trumpeting the fact that 26 shoes (i.e., the "13-member RS Value Team") are taking over for him. [4/09; Update @ 6/09: Govil and several former colleagues from RS have landed at Oppenheimer]
RS Mid Cap Growth (formerly RS Mid Cap Opportunities): John Seabern leaves the five-person team managing this fund, and now it's down to a team of four: Stephen Bishop, Melissa Chadwick-Dunn, Allison Thacker and D. Scott Tracy. [Change effective 3/31/09, posted 6/09]
RS Select Growth: See RS Small Cap Growth, above. [Change effective 3/31/09, posted 6/09]
RS Small Cap Equity (formerly RS Small Cap Core Equity): Matthew Ziehl leaves as manager, and leaves the firm. The "RS Growth Team" takes over (see RS Growth, above). [6/09]
RS Small Cap Growth (formerly RS Emerging Growth): James Callinan leaves the five-person team managing this fund, and now it's down to a team of four growth mavens: Stephen Bishop, Melissa Chadwick-Dunn, Allison Thacker and D. Scott Tracy. [Change effective 3/31/09, posted 6/09]
RS Smaller Company Growth: William Wolfenden leaves as co-portfolio manager, and D. Scott Tracy now manages this fund solo. But it probably doesn't matter, since RS is attempting to merge this fund into its Small Cap Growth offering. [9/09]
Rydex/SGI Alpha Opportunity: John Boich leaves this five-person management team, which is now down to four. [12/09]
Rydex/SGI Global: See Rydex/SGI Alpha Opportunity, above. [12/09]
Rydex/SGI Global 130/30 Strategy: See Rydex/SGI Alpha Opportunity, above. [12/09]
Rydex/SGI Global Institutional: See Rydex/SGI Alpha Opportunity, above. [12/09]
~T-Z~
T. Rowe Price International Growth & Income: Raymond Mills is out as lead manager, and Jonathan Matthews takes over for him. But Mills isn't entirely gone: He joins eight others on this fund's Investment Advisory Committee, making for a total of ten people that get to stir this international pot. [12/09]
T. Rowe Price Media & Telecommunications: On October 1, 2009, Henry Ellenbogen will step down as manager to lead the New Horizons portfolio team. Daniel Martino will replace him.
[7/09]
T. Rowe Price New Asia: Manager Frances Dydasco will retire on August 1, 2009. Effective immediately, Dydasco is joined by Anh Lu, who will initially co-manage the fund, and then run it solo when Dydasco departs. [5/09]
T. Rowe Price New Era: Long-time manager Charles Ober is on his way out the door (retirement), and Timothy Parker will be replacing him, effective June 30, 2010. Ober will reamin as a "member" of the fund's investment committee until December 31, 2010, at which point it will be bye-bye and see-ya for good. [11/09]
T. Rowe Price New Horizons: Jack Laporte will step down as lead manager on March 1, 2010. According to an email from T. Rowe Price, "Henry Ellenbogen will join the New Horizons Fund portfolio team on October 1, 2009, and work closely with Mr. Laporte to implement a seamless transition of their responsibilities. Mr. Ellenbogen will take over as lead portfolio manager on March 1, 2010. Mr. Ellenbogen is currently the lead portfolio manager for the Media & Telecommunications Fund. He will be being handing off those duties on the same date he takes on his new role with the New Horizons Fund."
[7/09]
TCW funds (several): Early in December, star bond manager Jeffrey Grundlach burst his britches, took his marbles, and started his own money management firm (DoubleLine LLC). It has been estimated that about 40 professionals formerly affiliated with TCW are now affiliated with Grundlach and, as you might expect, Grundlach's departure (closely followed by the departure of bond also-guru Philip Barach) has rippled through many of TCW's funds. Herewith, the funds affected by Grundlach's departure, and the new managerial line-ups:
| TCW fund | Old management | New management
|
|---|
| Balanced | Jeffrey Grundlach/Diane Jaffee | Tad Rivelle/Diane Jaffee
| | Core Fixed Income | Philip Barach/Jeffrey Grundlach/James Hassett | Tad Rivelle/James Hassett
| | Short Term Bond | Philip Barach/Jeffrey Grundlach | Tad Rivelle
| | Total Return Bond | Philip Barach/Jeffrey Grundlach | Tad Rivelle
| | Aggressive Allocation | Jeffrey Grundlach/Michael Reilly/Komal Sri-Kumar/Allan Toole | Tad Rivelle/Michael Reilly/Komal Sri-Kumar/Adam Coppersmith
| | Conservative Allocation | See Aggressive Allocation, above
| | Moderate Allocation | See Aggressive Allocation, above
| | [1/10]
|
TCW Emerging Markets Income: Luz Padilla leaves as manager and leaves the firm; she's headed for -- can you guess? -- Grundlach's new company. Taking over for Padilla is the team of Penelope Foley, David Robbins, and Javier Segovia. [1/10]
Thompson Plumb Bond: See Thompson Plumb Growth, below. [4/09]
Thompson Plumb Growth: Back in January, comanager John C. Thompson took a leave of absence from this fund, leaving his father, John W. Thompson, in charge. Now, it appears that the leave of absence has become a permanent absence, and John W. has been joined by comanagers James Evans and Jason Stephens. [4/09]
Transamerica Partners Institutional Large Core: See Transamerica Partners Large Core, below. [9/09]
Transamerica Partners Institutional Large Growth: See Transamerica Partners Large Growth, below. [9/09]
Transamerica Partners Institutional Large Value: See Transamerica Partners Large Value, below. [4/09]
Transamerica Partners Institutional Mid Value: See Transamerica Partners Mid Value, below. [9/09]
Transamerica Partners International Equity: LSV Asset Management and Wellington Management Company are fired as this fund's day-to-day managers (subadvisors). Thornburg Investment Management now calls the shots. [Change effective 12/31/08; posted 4/09]
Transamerica Partners Large Core: BlackRock Financial Management is fired as one of this fund's two outside managers (i.e., subadvisors). Aronson+Johnson+Ortiz now subadvises this fund solo. [9/09]
Transamerica Partners Large Growth: Marsico Capital Management is fired as one of this fund's three outside managers (i.e., subadvisors), and Jennison Associates takes over Marsico's share of the portfolio. OFI Institutional and Wellington are the two continuing subadvisors. [9/09]
Transamerica Partners Large Value: Alliance Berstein and TCW are fired as this fund's day-to-day managers (subadvisors). The firm of Aronson+Johnson+Ortiz is now in charge, + they will try to do a better job. [Change effective 12/31/08; posted 4/09]
Transamerica Partners Mid Value: LSV Asset Management and RiverSource Investments are fired as two of this fund's three outside managers (i.e., subadvisors), and J.P. Morgan Investment Management is hired, presumably to take over both portfolios. Cramer, Rosenthal, McGlynn continues as the unscathed subadvisor. [9/09]
Transamerica Partners Small Value: Michael Crowe leaves the two-person management team from Mesirow Financial Investment Management, one of this fund's two subadvisory firms. Susan Schmidt replaces Crowe, joining continuing manager Rosa Welton. [12/09]
Tweedy, Browne Global Value: Christopher Browne steps down from this fund's five-person management committee. The remaining members of the committee (William Browne, Thomas Schrager, John Spears and Robert Wyckoff) will continue to call the shots without C.B. As David Snowball reports on this month's New-Fund page, here's an excerpt from Tweedy, Browne's announcement:
. . . effective July 29, 2009, Christopher H. Browne has stepped down from his day-to-day analytical and portfolio responsibilities as a member of the Firm’s Management and Investment Committees. Mr. Browne will retain his equity interest in the Firm and will continue to serve the Firm in his new capacity as a Senior Advisor.
"This has been a difficult decision for me, but in the past two years I have had to deal with some personal health issues, and there are other things I want to accomplish with the rest of my life," said Browne. "While my health issues are now mostly resolved, I took this as a wake up call about the fragility of life. I am confident that the investment professionals we have assembled will do a great job going forward — so confident that I am leaving virtually all of my personal investments with the Firm."
[8/09]
Tweedy, Browne Worldwide High Dividend Yield Value: See Tweedy, Browne Global Value, above. [8/09]
Tweedy, Browne Value: See Tweedy, Browne Global Value, above. [8/09]
UBS PACE Alternative Strategies Investments: First Quadrant is one of four subadvisors for this fund, and First Quadrant has made a change in its three-person management team: Steve Richey is gone, Chuck Fannin replaces him, and continuing managers Ken Ferguson and Dori Levanoni join in giving a hearty welcome to their new colleague. [11/09]
UBS PACE Large Co Growth Equity Investments: Nick de Peyster is out as comanager. J. Lee Montag replaces de Peyster, joining continuing manager Brian Shannahan (all of these folks work for SSgA Funds Management, one of this fund's four subadvisors). [12/09]
UBS PACE Small/Medium Company Value Equity Investments: Metropolitan West Capital Management is one of three subadvisors for this fund, and Met West has made a change in its two-person management team: Gary Lisenbee is out, and Samir Sikka is now on his own. [11/09]
UBS US Equity Alpha: Scott Hazen steps down as a member of this five-person management team -- now there are four. [11/09]
UBS US Large Cap Equity: Same as UBS US Equity Alpha, above. [11/09]
UBS US Large Cap Value Equity: Same as UBS US Equity Alpha, above, except it was a four-person team, and now it's three [11/09]
Value Line Tax-Exempt: Kathleen Bramlage is out as manager, and Jeffrey Geffen takes over. [12/09]
Vanguard High-Yield Tax-Exempt: Reid Smith leaves as co-manager, and leaves the firm. Christopher Alwine is now in charge of this fund's four-person management team.[9/09]
Vanguard Long-Term Tax-Exempt: See Vanguard High-Yield Tax-Exempt, above. [9/09]
Vanguard Windsor: John Mahedy and Marilyn Fedak, employees of subadvisor AllianceBernstein, leave as co-managers of this fund. They are replaced by Joseph Paul and David Yuen. James Mordy, the other manager of this fund (from Wellington Management) is staying put. [10/09]
Van Kampen American Franchise: The entire management team, led by Hassan Elmasry, bails out (Elmasry is reportedly starting his own firm, and his teammates are joining him). Elmasry and team are replaced by the Growth team of Van Kampen Asset Management, led by Dennis Lynch. [6/09]
Van Kampen Global Franchise: The entire management team, led by Hassan Elmasry, bails out. Elmasry and team are replaced by a new five-person "International Equity" team, consisting of portfolio managers from Morgan Stanley Investment Management Limited and Morgan Stanley Investment Management Company. [6/09]
Van Kampen Global Value Equity: See Van Kampen Global Value Franchise, above. [6/09]
Van Kampen Pennsylvania Tax Free Income: Wayne Godlin and Robert Stryker leave this four-person management team, which is now down to three: Mark Paris and Robert Wimmel (both continuing), and Julius Williams (new). [1/10]
Virtus Balanced Allocation: C. Thomas Johnson is off this four-person management team, and Thomas Lettenberger takes his place. [1/10]
Wells Fargo funds (two): Wells Fargo has acquired the Evergreen funds and, as a result (come June 2010) every Evergreen fund will be eliminated -- either renamed "Wells Fargo Advantage" something-or-other, merged out of existence into a Wells Fargo fund, or liquidated. In the case of fund mergers, Wells Fargo has chosen to handle them in one of two ways: either a new Wells Fargo fund will be created to receive the assets of the old Evergreen fund, or the Evergreen fund will merge into an existing Wells Fargo fund. It is the latter cases -- where the Evergreen fund merges into an existing Wells Fargo fund -- that we are interested in here. Specifically, the table below shows the two mergers (i.e., an Evergreen fund into a Wells Fargo fund) that are expected to result in a change of management in the surviving Wells Fargo fund:
| Wells Fargo Advantage fund | Old management | New management
|
|---|
| Index | Gregory Genung | Bill Zieff
| | Total Return Bond | Ludgood / O'Connor / Royer / Stevens | Ludgood / O'Connor
| | [2/10]
|
Wells Fargo Advantage Growth Balanced: Galen Blomster leaves this six-person team, and Petros Bocray replaces him. [2/10]
Wells Fargo Advantage Short Duration Government Bond: Co-manager William Stevens leaves the fund and leaves the firm. Remaining co-manager Thomas O'Connor is now in charge all by himself. [1/10]
Wells Fargo Advantage Small Cap Disciplined: Managers James Tringas and Bryant VanCronkhite, of Wells Capital Management, are booted, subject to shareholder approval. Metropolitan West Capital Management has been hired as new sub-advisor. [2/10]
Winslow Green Growth: Matthew Patsky leaves as comanager, which leaves Jackson Robinson in sole command. [12/09]
Winslow Green Solutions: See Winslow Green Growth, above. [12/09]
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