The managerial market
From TheStreet.com
It's still a sellers' market for tech mutual-fund managers. The average tech fund scored huge returns in 1999, and many highly mangers traded in their boosted resumes for more cash. About one in 10 tech funds have lost part or all of their portfolio management team over the past five months. The list of those who left recently is a long one, the latest addition being Abel Garcia who left Waddell & Reed last week, where he'd managed the United Science & Technology fund for more than 16 years, to help run AIM's struggling Global Telecommunications and Technology fund.

O’Shaughnessy is out
From Morningstar
Jim O’Shaughnessy is leaving the mutual-fund business. He has agreed in principle to sell his mutual funds, which include Cornerstone Growth and Cornerstone Value, to Edward J. Hennessy. O’Shaugnessy launched the funds in 1996, and they initially attracted a lot of interest due to his quantitative investing strategy. But as they matured, they failed to attract assets, in part due to so-so performance. He'll be concentrating on his private-account business. Shareholders of each fund will have until June 30 to vote on the matter.

Merrill restructuring
From CBS Marketwatch.com
Merrill Lynch is uniting all of its asset management companies under one banner, Merrill Lynch Investment Managers. The new name will encompass international fund firm Mercury Asset Management and Los Angeles-based Hotchkis and Wiley. At the retail product level, Merrill Lynch Investment Managers will retain both the Merrill Lynch and Mercury brands. Other brand names are under review, the firm said. 

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