Eugene Sit, founder and chairman of Sit Investment Associates, passed away on June 24, the company said on its Web site. Sit, 69, had been diagnosed with pancreatic cancer.

His son, Roger Sit, who serves as president, CEO and global chief investment officer, will continue to handle day-today management responsibilities at the firm.

Eugene Sit founded Sit Investment Associates in Minneapolis in 1981. That same year, the company formed its no-load mutual fund group. Sit Investment Associates currently manages 12 funds with AUM of $1.6 billion. 

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