Standard & Poor's Fund Services unit has placed the
Alleghany Chicago Trust Growth & Income Fund (CHTIX) on "Watch" for its Large-Cap Growth Select Funds list because of the departure of the fund's managers effective Sept. 20, 1999.
Portfolio managers
Jerold Stodden and
Nancy Scinto, along with chief
investment officer
Charles Henderson and
David Cox, manager of the
Chicago Trust Balanced Fund since 1998 have left Alleghany to pursue other opportunities in Chicago.
The Chicago Growth & Income fund was one of 25 Large Cap Growth funds awarded Select Fund status in March 1999.
Alleghany Chicago Trust Growth & Income Fund and the equity portion of the Alleghany Chicago Trust Balanced Fund will now be managed by
Bernard Myszkowski, 55, who was recently promoted to chief equity officer and senior vice president of the Chicago Trust Company. Prior to his new position, Myszkowski was responsible for managing major institutional and private family accounts.
"We are currently reviewing the situation at Chicago Trust," said
Philip Edwards, a managing director at Standard & Poor's responsible for the Select Fund service. "Two key members of this fund's team have left, and we will be conducting further interviews with Mr. Myszkowski and Chicago Trust in order to assess the impact these departures will have on the fund."
Initially S&P's Fund Services unit issued a release detailing the removal of the fund's Select status but subsequently changed the action to placement on its Watch list.
According to Standard & Poor's Select Fund criteria, the management team plays a vital role in the selection process, so a change such as this "warrants a full review of the fund and its sponsor organization, resulting in an affirmation or withdrawal of the Select Fund designation."
Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE
Subscribe to MFWire.com's News Alerts [click]
Email & Route 
Print 
Raw XML
