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Friday, April 24, 2009

Lurito Departs American Century

by: Armie Margaret Lee

Steve Lurito, who joined American Century as chief investment officer of U.S. growth equity in July 2007 (see The MFWire, 06/19/07), has recently left the Kansas City-based firm.

Greg Woodhams
American Century
CIO, U.S. growth equity - large cap
American Century sliced Lurito's post in two and tapped company long-timers to fill those roles. Greg Woodhams, a 12-year American Century veteran, now serves as CIO of U.S. growth equity -- large cap, and Glenn Fogle, a 19-year company vet, now serves as CIO of U.S. growth equity -- mid and small cap.

Woodhams and Fogle's promotion took effect April 15. They report to CIO Enrique Chang.

Glenn Fogle
American Century
CIO, U.S. growth equity - mid and small cap
Woodhams has been with American Century since 1997. He joined the firm in 1997 as an investment analyst in the large cap growth team, rising to become team leader in 2000.

Fogle joined the company as an investment analyst in the mid cap growth team in 1990. He was promoted to portfolio manager in 1993 and has served as portfolio manager on most small and mid cap strategies.

Below is the announcement issued by American Century last week:
Company Press Release

KANSAS CITY, Mo., April 15, 2009 - American Century Investments announces the promotion of two company veterans. Senior Vice President & Senior Portfolio Manager Greg Woodhams, CFA, is promoted to Chief Investment Officer, U.S. Growth Equity - Large Cap. Senior Vice President & Senior Portfolio Manager Glenn Fogle, CFA, is promoted to Chief Investment Officer, U.S. Growth Equity - Mid & Small Cap. These promotions are effective today.

The two replace Stephen Lurito, Chief Investment Officer, U.S. Growth Equity. Along with his CIO duties, Lurito served as a portfolio manager on the firm's Premier Large Cap Growth (Ultra) and Core Growth (Select) strategies. Co-portfolio managers Keith Lee, CFA, and Michael Li continue to manage those portfolios. Lurito's portfolio management duties on the Life Sciences and Technology funds are assumed by Joseph Reiland, CFA. Effective June 1, 2009, these funds will be reorganized into the Growth fund, pending shareholder approval. Lurito relinquishes his CIO and portfolio manager duties today.

"I'm pleased to promote Greg and Glenn and have them assume greater leadership roles here at American Century Investments," said Chief Investment Officer Enrique Chang. "At this time in our firm's 50-year history, we feel it's more important than ever to keep our performance momentum going strong and are confident that Greg and Glenn are the best choices to lead the U.S. Growth Equity discipline."

A 28-year industry veteran, Woodhams has been a member of American Century Investments' Large Cap Growth team since joining the firm in 1997 as an investment analyst. He was named a portfolio manager in 1998 and became the team leader in 2000.

Prior to joining American Century Investments, Woodhams was vice president and director of equity research at Texas Commerce Bank. He holds a bachelor's degree in economics from Rice University and a master's degree in economics from the University of Wisconsin at Madison. He is a CFA charterholder.

"Greg is well respected for his strict adherence to process and risk control," said Chang. "This, coupled with his career focus on large cap stocks, makes him a natural choice for his new role."

Fogle brings 22 years of investment experience to this position, 18 of them with American Century Investments. He has been a member of the Mid Cap Growth (Vista/VP Vista) team since joining the firm as an investment analyst in 1990. Fogle was promoted to portfolio manager in 1993 and has served as a portfolio manager on most of American Century Investments' small and mid cap strategies during his tenure.

Prior to joining the firm, he was an investment analyst with MSecurities, an investment management firm in Dallas. Fogle holds a bachelor's degree in business administration and a master's degree in finance from Texas Christian University. He is a CFA charterholder. According to Chang, "Glenn is an ideal fit for his new role, given his investment experience in mid and small cap stocks, as well as his strong leadership skills."

American Century Investments is a leading privately-held investment management firm, committed to delivering superior investment performance and building long-term client relationships since 1958. Serving investment professionals, institutions, corporations and individual investors, American Century Investments offers a variety of actively managed investment disciplines through an array of products including mutual funds, institutional separate accounts, commingled trusts and sub-advisory accounts. The company's 1,300 employees serve clients from offices in New York; London; Mountain View, Calif. and Kansas City, Mo. James E. Stowers Jr. founded the company and serves as co-chairman of the board. Jonathan S. Thomas is president and chief executive officer and Enrique Chang is chief investment officer. More than 40 percent of American Century Investments' profits support research to help find cures for genetically-based diseases including: cancer, diabetes and dementia.
 

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