US - A due diligence process is underway at the Clipper Fund to decide which of the new shortlist of investment management firms should replace Pacific Financial Research (PFR).
Independent directors are conducting the evaluation after PFR announced its intention to reorganise with Barrow, Hanley, Mewhinney & Strauss, an affiliated company, on 1 January 2006.
F. Otis Booth, an independent member of the fund's board of directors, said the search was concentrated on firms that would continue the investment approach that Clipper Fund has followed over the years.
The reorganisation is part of a succession planning process to address the recent decision of James H. Gipson, Michael C. Sandler and Bruce G. Veaco, three of the six principals of PFR and portfolio managers of the fund, to leave PFR at the end of this year. The new firm should be determined by the end of November and PFR’s management, overseen by James H Gipson, will continue until the end of the year.
Wilshire Associates will assist the independent directors with the evaluation process.
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