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Fund Times: ICAP Managers Display Confidence in Their Own Process

Plus, news on Third Avenue, Federated, AMF, Barclays, Vanguard, Fidelity, and more.

Morningstar Analysts, 04/24/2006

Thanks to a recent regulatory filing, we finally have complete manager ownership information from ICAP, and the picture is positive.

Within the ICAP international team, winners of Morningstar's 2005 International-Stock Manager of the Year award, lead manager Rob Lyon held more than $1 million in ICAP International ICEUX and more than $1 million in ICAP Select Equity ICSLX. Jerrold Senser, comanager with Lyon, also had more than $1 million in both funds, as well as at least $500,000 in their third fund, ICAP Equity ICAEX.

We like to see managers hold significant levels of investment in the funds they run, and in funds across the fund family, since it signals high levels of confidence in their process and abilities.

Harvard Hires Dreyfus Manager

Harvard Management Company (HMC), which runs Harvard University's $26-billion endowment, has hired Marc Seidner of Standish Mellon Asset Management to head its domestic fixed-income division. This move is part of an HMC's effort to reconstitute the fixed-income division, which lost many key players when they left to work for former HMC president Jack Meyer at Convexity Capital, his newly formed hedge fund.

Seidner has worked for Standish Mellon's fixed-income segment since January 1995, most recently as its director of active core strategies. In this capacity, he led a team of eight portfolio managers and 51 analysts and traders. He was also manager of a number of offerings issued under the Dreyfus name, such as Dreyfus Premier Core Bond DSINX and Dreyfus GNMA DRGMX. Senior portfolio managers Kent Wosepka and Cathy Powers, who will together lead the active core team, will replace Seidner at Standish.

Third Avenue's Whitman Banks on GM Debt

One of our favorite value managers, Third Avenue Value's TAVFX Marty Whitman, has initiated an interesting position in long-term General Motors GM senior unsecured debt. Whitman, an expert in bankruptcies and distressed securities, is proceeding cautiously and has so far committed only $2 million to the position.

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