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| Fund Times: Openings, Closings, and Manager Changes |
| by
Karen Wallace
| 05-07-04 |
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PIMCO Faces SEC Charges
The Securities and Exchange Commission filed civil fraud charges Thursday against PIMCO Advisors Fund Management LLC (PAFM), PEA Capital LLC (PEA), and PIMCO Advisors Distributors LLC (PAD) stating that they orchestrated preferred-client market-timing deals in amounts exceeding $4 billion over a roughly one-and-a-half-year period.
In addition, two executives were charged with having roles in defrauding PIMCO mutual fund investors: Stephen J. Treadway, the chief executive officer of PAFM and PAD as well as the chairman of the board of trustees for the PIMCO Funds: Multi-Manager Series, and Kenneth W. Corba, PEA's former CEO.
The SEC named Canary Capital Partners as the investor that was allowed to market-time PIMCO funds. Canary was the hedge fund that settled charges with New York Attorney General Eliot Spitzer in September 2003 and started state and federal regulators' widespread investigations into illegal trading activities at mutual fund firms.
The SEC said that it is seeking injunctive relief, disgorgement, monetary penalties, and an order preventing the defendants from serving as investment advisors, principal underwriters, officers, directors, or members of any advisory boards to any registered investment company.
MFS Massachusetts Investors Trust
MFS Massachusetts Investors Trust MITTX will get a new comanager. Effective on or about June 30, J. Kevin Beatty will join John D. Laupheimer Jr., who has led the fund for more than 10 years. Beatty has worked in the MFS investment management area since 2002. Prior to that he was an investment research analyst at Fleet Investment Advisers.
Thomas H. Wetherald will replace Donald F. Pitcher Jr. as comanager of MFS New Discovery MNDAX effective on or about June 30, MFS said. Pitcher had been on the fund's management team since June 2002. Wetherald will join Robert A. Henderson, who has comanaged the fund since April 2002. Wetherald has worked in the MFS Investment management area since 2002; before that he was a portfolio manager and research analyst at Manning & Napier Advisors.
/?>MFS Total Return MSFRX is getting another player on its management team. Lisa Nurme, who leads MFS' value investing group and is one of the longest-tenured managers on this offering, is retiring from MFS on May 31. Alan T. Langsner, who has been with MFS since 1999, will join the team effective on or about June 30. The rest of the team, which is led by David Calabro, comprises Kenneth J. Enright, Steven R. Gorham, and Constantinos G. Mokas, who run the equity portion of the portfolio, and Brooks Taylor, Michael W. Roberge, and William J. Adams, who run the fixed-income portion.
Dreyfus Manager Changes
Dreyfus has lost two portfolio managers. Valerie Sill, who led Dreyfus Premier Core Value DCVIX to respectable returns since 1998, has left to take a management position with chemical giant DuPont DD. The fund is currently being managed by a team from the same Boston-based affiliate that Sill was with.
Separately, Robert Ammann tendered his resignation from Denver-based Dreyfus Founders. Ammann managed the small-cap Dreyfus Founders Discovery FDISX as well as the micro-cap Dreyfus Premier Enterprise DPMGX. Colleagues J.D. Padgett and Brad Orr will now manage both funds, but neither was immediately available for interview.
AIM Management Changes
AIM Investments made some changes to the management teams of AIM Mid Cap Basic Value MDCAX and AIM Trimark ATKAX. The changes are effective this week.
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