Plus, AllianceBernstein slashes more jobs, and more.
Morningstar's fund analysts cover 2,000 mutual funds. Their full analyst reports, including Stewardship Grades, are available in Morningstar Principia Mutual Funds Advanced and Morningstar Advisor Workstation Office Edition.
After a rocky five-year tenure, Janus Worldwide's
Yee is also out at Janus Global Opportunities
Laurent Saltiel will replace Yee at Janus Worldwide. Saltiel has been an analyst at Janus for seven years and has run Janus Advisor International Equity
Kolb will now run Janus Global Opportunities solo. The impact here should be minimal because Kolb was already responsible for most of the day-to-day work.
More Heads Roll at AllianceBernstein
Another 237 employees have been laid off at AllianceBernstein as the firm continues cutting costs. The latest wave affected 31 members of the investment team, including analysts, portfolio managers, and research directors. Since December 2007, the number of investment professionals has dropped from 617 to 540, a 12% decline. The most recent casualties include Eric Hewitt, co-head of the consumer sector since 2007; Jeff Singer, CIO of the Canadian value investment policy group; senior growth team members Jim Russo and Thomas Zottner, comanagers of AllianceBernstein Small/Mid Cap Growth
Several analysts on the growth and value teams were also let go. After three rounds of layoffs during the past several months, the analyst ranks stand at 258 as of March 31, 2009, down from 308 in December 2007. Meanwhile, the firm recently shuttered its China office and laid off four analysts there, moving operations to the Hong Kong office.
The employee headcount now stands at 4,760, a 15% reduction since December 2007. The firm has been under steep pressure as assets have plunged during the market downturn.