The Leuthold Weeden Capital Management [profile] team is mourning one of their own. Last week the Minneapolis-based, no-load mutual fund shop notified clients that 26-year company veteran Andy Engel died suddenly on May 9.

Morningstar's "Fund Times" column reported on Engel's passing. The Minneapolis Star Tribune published an obituary for Engel.

Andrew James Engel, 52, served as a co-portfolio manager for Leuthold's two biggest mutual funds: the four-star, $854.4-million Leuthold Asset Allocation Fund; and the four-star, $998.2-million Leuthold Core Investment Fund. Leuthold's total non-money market mutual fund assets as of April 30 were $2.494 billion.

Matthew Paschke and Douglas Ramsey will continue to co-PM both funds. Engel's death comes half a year after Leuthold founder Steve Leuthold revealed that he was stepping down as chief investment officer, handing the reins to Ramsey.

Engel also served as a senior analyst, writer of the "Inflation Watch" and "REIT Beat" monthly reports, and as managing editor of Leuthold's Perception for the Professional publication.

"He assisted with the development of key asset allocation tools and the formulation of portfolio disciplines that drive a number of our investment management strategies," Leuthold's client note reads. "Andy's passing is a tremendous loss to his family, friends and colleagues. His creativity, generosity, wit, and welcoming personality will be profoundly missed."

The Leuthold team closed their offices for three hours on Monday for the funeral Mass, held at the Church of St. Joan of Arc in Minneapolis.

Andy Engel is survived by his wife, Katherine, and by their daughter and three sons. The family is directing those who wish to honor Engel's memory to Minnesotans United for All Families or N.C. Little Memorial Hospice. 

Edited by: Neil Anderson, Managing Editor


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