MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
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Tuesday, July 17, 2001 Will Mutual Advisors Remain a Master? The fallout from the recent changes in Franklin Templeton's Mutual Advisors unit has started. Today Litman/Gregory Fund Advisors, investment advisor to Masters' Select Funds, said that it is reviewing the sub-advisor relationship between Masters' Select Value Fund and Franklin Mutual Advisers. The move is being made in response to pending changes in Larry Sondike's role on the Franklin Mutual Advisers team. Sondike's change in duties was one of a large number of changes in the Mutual Advisor' lineup at the end of next week. The firm said that he is transitioning away from portfolio management and developing alternative products. Franklin Mutual Advisers manage 25% of the assets in Masters' Select Value. The fund's other portfolio managers are: Longleaf Partners Mason Hawkins, Legg Mason's Bill Miller, and Harris Associates' Bill Nygren. Each portfolio manager selects no more than 15 securities for the fund. "We had been advised of the upcoming transition of Sondike's role away from day-to-day fund management some time ago, and we are in the process of evaluating our options," said Ken Gregory, president of Litman/Gregory Fund Advisors, in a statement. Litman/Gregory Fund Advisors will retain Franklin Mutual Advisers' David Winters as a replacement for Sondike effective August 1 while it finishes its due diligence on Winters and his team with the intention of either re-committing for the long-term or hiring another sub-advisor, the firm said. "We are confident in David Winters' ability to step in for Larry Sondike. He has a deep, experienced team behind him and he's a 14-year veteran of the organization. At the same time we don't know Winters as well as we knew Sondike and that fact along with the impending departures of senior team members Ray Garea and Rob Friedman has forced us to update our due diligence on Winters and the team. We are in the process of completing this due diligence and while no decision has been made, it is very possible that we will decide to continue the relationship and retain Winters and the team for the long-term. Franklin Mutual Advisers brings a unique approach to value investing that we believe adds diversification value to Masters' Select Value," Gregory added. Related Stories Printed from: MFWire.com/story.asp?s=26950 Copyright 2001, InvestmentWires, Inc. All Rights Reserved |