Standard and Poor's
is removing its Select Fund designation from Citizens Emerging Growth Fund (WAEGX
). The company's decision to remove the designation was based primarily on the fund company's decision to terminate its sub-advisory relationship with Seneca Capital Management
, its sub-advisor since the funds inception. The changes to the portfolio will be reflected by the new management teams investment approach and philosophy but will not change the fund's investment objectives.
According to S&P, Citizens decided to terminate the sub-advisory relationship with Seneca Capital Management in early April 2002; the firm is bringing the management of the fund inside the company.
In replacing the Seneca group, Citizen Funds named Jeffrey Schappe its director of research, portfolio manager, and growth equity team leader. Schappe is supported by a group of six senior and junior analysts, one manager of social research and two traders.
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