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Monday, June 06, 2005|
Munder Wins Mandate from Troubled Amerindo
Amerindo Technology D Fund's board has tapped Munder Capital Management as the fund's new advisor. The hiring came a week after Federal investigators arrested Alberto Vilar and Gary Tanaka on fraud charges. The board initiated the search for a new advisor last week after stripping Vilar and Tanaka of their portfolio management duties.
The fund had more than $36 billion in assets at the end of March. How much of the assets remain with the fund is a question. Last Monday, Morningstar recommended to shareholders that they sell the fund. That recommendation has been picked up by a number of newspapers as has a similar recommendation by syndicated fund columnist Charles Jaffe.
"While Munder offers a broad and diverse range of investment options to build a well-balanced investment portfolio, our expertise in the technology sector is well known in the industry," said Enrique Chang, president and chief investment officer at Munder Capital. "Our team of technology sector analysts and portfolio managers is uniquely suited to assume daily management of this fund."
Last week U.S. District Court Judge Laura Taylor Swain on Thursday appointed Robert Knuts, a lawyer, to monitor Amerindo Investment Advisors. The SEC had sought the appointment after it made related allegations against Vilar and Tanaka.
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