Gary Pilgrim is taking a step back from product development and personnel decisions to focus on investment management at Pilgrim Baxter. The Wayne, Pennsylvania-based unit of Old Mutual offers the PBHG Funds.

Pilgrim, who founded the firm prior to its sale to United Asset Management (UAM was purchased by Old Mutual last year), will retain the title of president of the PBHG Funds. He is relinquishing his title of chief investment officer and will retain all of his current portfolio management assignments.

Michael Sutton will take Pilgrim's place as chief investment officer, effective immediately. Sutton will retain his current portfolio management assignments and take on news duties, including: assessing the firm's overall investment policies and analytical resources, managing and monitoring risks in portfolios, assisting in new product development, and serving as representative and executive-level advocate for the investment team.

"Mike has been an outstanding contributor to the investment team, and a great presence at the firm," said Pilgrim in a statement. "As Pilgrim Baxter has grown, we've evaluated our needs with a view to the long-term development of the company and optimization of each individual's role. Mike has the broad range of experience and management skills needed to lead the investment team across all disciplines, while this transition allows me to focus on managing portfolios, which is the area I believe I can make the strongest contribution to the firm."

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