Amerindo's Alberto Vilar
has handed his chief executive officer title to Matthew Fitzmaurice
, reports Dow Jones. The move was made to allow Vilar to focus on day-to-day management and stock picking, said the report. The move comes as Amerindo has let go off eight staffers and is closing its Los Angeles office.
Altogether, total assets at the New York City-based boutique are down to $1.42 billion as of March 31 from $8 billion in March 2000 (fund assets have sunk to $105 million from $689 million). The decline is the result of the meltdown in technology stocks in which the firm investments and the loss of a number of institutional clients.
The clients who have moved money according to the report include:
Carnegie Mellon University
Dominion Resources Inc
Fruit of the Loom
Oklahoma Firefighters' Pension & Retirement System
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