US - Wilshire Associates has been retained by the Clipper Fund to assist independent directors with the evaulation of Barrow, Hanley, Mewhinney & Strauss (BHMS) and other alternatives for management of the fund.
The news follows the decision of the fund’s investment adviser Pacific Financial Research (PFR) to re-organise with BHMS on 1 January 2006, as part of a succession-planning process to replace three principals who leave on 31 December, 2005.
The principals, James H. Gipson, Michael C. Sandler and Bruce G. Veaco are three of PFR’s six principals, and portfolio managers of the fund.
Norman Williamson, independent chairman of the fund's board of directors said: With the assistance of Wilshire we expect to complete a thorough review of alternatives for the fund by mid-November. We continue to work productively with PFR and its parent company Old Mutual Asset Management.”
Scott Powers, chief executive of Old Mutual Asset Management, parent company of both PFR and BHMS, said: “While the directors' review is being conducted all members of the PFR investment team are continuing in their current roles managing the fund.
The Clipper Fund is a non-diversified, open-end management investment company with shares offered for sale in the US. It is advised by PFR, which manages over US$17bn for institutional clients including corporations, endowments and foundations.
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