Pilgrim Baxter & Associates, a wholly-owned unit of Old Mutual, in the US has appointed Michael Sutton as chief investment officer with immediate effect.
Sutton succeeds firm co-founder Gary Pilgrim, who will remain actively involved in the management and direction of Pilgrim Baxter in his role as president of the firm and president of the PBHG Funds. Pilgrim will also maintain all of his current portfolio management duties, including management of the PBHG growth and new opportunities funds and leadership of the team managing the PBHG core growth fund.
Sutton's new duties will include assessing the firm's overall investment policies and analytical resources, managing and monitoring risks in portfolios, assisting in new product development, and serving as representative and executive-level advocate for the investment team. Sutton also continues as portfolio manager of the PBHG large cap growth, large cap 20 and select equity funds.
He joined Pilgrim Baxter in September 1999 after having served in portfolio management roles for Loomis, Sayles & Co. and Stein, Roe & Farnham.
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