Five years after selling his firm for $616 million, Michael Price, the famed money manager, chairman and director of the Mutual Series of funds is officially calling it quits. The move is not a surprise since he has taken a hands-off role in the firm since he sold it to Franklin Templeton. Firm officials characterized the change as a realignment. Peter Langerman, Franklin Templeton's chief executive will take the reigns from Price at the end of October.

However, Price's move was not the only one in the executive ranks. Price's official departure was just the tip of the iceberg in the announced changes at the firm, most of which affected investment professionals. The changes also broke up the five-member team handling investment management duties for Mutual Series funds.

Robert Friedman, chief investment officer, is the most prominent executive leaving the firm. David Winters, currently senior vice president and director of research, will become president and chief investment officer of Mutual Series replacing Friedman.

Two more from the investment side of the firm -- Raymond Garea, portfolio manager of Mutual Financial Services fund, and Jeff Altman -- are leaving along with Friedman at end of September. The pair is reportedly forming their own hedge fund. Garea's contract expires September 30 while Altman is now at the firm as a consultant.

Friedman, Gorea and Altman were all part of a five-member team that was taking over the fund management duties from Price following the sale. After September just two team members -- Langerman and Larry Sondike -- will remain at the firm. Sondicke will continue as a member of the Mutual Series investment team, eventually transitioning from day-to-day management of the funds to developing alternative investment products for the firm, according to firm officials.

"Ray and Rob have both made significant contributions to the firm over the years," said Winters. "Their contributions in mentoring the portfolio management and research staff during that time will go a long way to ensuring continuity in our investment discipline."

"We perceive this transition as a natural evolution of the business. The funds have had very solid performance during these past five years and we expect that to continue under the leadership of David Winters and Peter Langerman," said Charles Johnson, chairman and ceo of Franklin Resources in a statement.

The firm also rejiggered the ranks of its portfolio managers. Susan Potto and Jeff Diamond both become portfolio managers, and Timothy Rankin, Deborah Turner and Joshua Ross have been named assistant portfolio managers. In addition, Mutual Series has hired Matthew Haynes, who was a co-portfolio manager of the Global Dividend Growth Securities Fund, Michael Embler, a bankruptcy and distressed securities specialist and John Wimsatt, a financial institutions analyst.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE