Slattery exits PBHG
Quint Slattery has resigned as manager of the PBHG New Opportunities and the Select Equity funds. Gary Pilgrim, PBHG's chief investment officer and manager of PBHG Growth, will run both funds for the time being, although the firm is likely to hire a replacement manager. PBHG has suffered a number of managerial defections as of late. Jim McCall and Mike Hahn departed for Merrill Lynch last year, and Gary Haubold left to start his own hedge fund.
Montgomery launches new funds
From The Wall Street Journal
This week, Montgomery Asset Management will unveil a lineup of "focused" funds called "Stock Solutions" that closely resemble stocks. Each fund will own 20-30 stocks. The portfolios will regularly post holdings information on Montgomery's Web site, with a two week delay. The share price and trading volume of each holding will also be posted on the site, with a 20-minute delay. The move comes after some tough times at Montgomery. Despite good performance in many of its funds, net withdrawals have run between $10 million to $260 million a month in 1999 and 2000, according to Financial Research Corp., a Boston fund tracker.
Chase buys Flemings
From The New York Times
Chase Manhattan bank has agreed to buy British investment bank and fund manager Robert Fleming Holdings for just under $8 billion in cash and shares. Flemings' asset management joint venture with T. Rowe Price is not included in the deal. T. Rowe Price will buy out Flemings' 50 percent stake in the venture for $780 million. The acquisition boosts Chase into the top tier of global asset managers, and gives it an investment banking foothold in Europe and Asia. Chase is one of the world's biggest custody services groups with about $230 billion in funds under management. Flemings will add another $100 billion.
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