Pell's new role will be to focus on investment management and reviving the firm's flagship international equity funds.
On Wednesday, Richard Pell stepped down as CEO and chairman of Artio Global Investors
Following the change, Pell will focus exclusively on investment management, especially with the firm's flagship international equity funds. According to Artio's press release, the firm also will realign its international equity team. Artio International Equity
When Pell became CEO in 2007, the firm ran its historical peak of $36 billion in open-end fund assets under management. Today, the firm's assets under management have dropped to $9 billion after seeing net outflows for the past five years. Additionally, the domestic equity funds are expected to liquidate very soon, having suffered from mediocre performance and small asset sizes. The two fixed-income funds, however, have performed better and have grown to be the firm's largest funds.
Virtus Core Equity merged into Virtus Growth & Income
Isabel Buccellati joined the management team of Putnam Global Sector Fund
Munder International Equity MUIAX will merge into Munder International Core Equity
Dreyfus/The Boston Company Small Cap Growth
Dreyfus/The Boston Company Small Cap Tax-Sensitive Equity
Jeff Munroe joined Dreyfus/Newton International Equity
Dreyfus Small Cap
Nick Clay joined the management team of Dreyfus Global Equity Income
Forward Aggressive Growth Allocation
Paul Cloonan replaced Timothy Mulrenan as comanager of Pioneer Fundamental Growth
A special note: With so many people in the fund industry located on the East Coast, we at Morningstar would like to extend our support and sympathy to those affected by Hurricane Sandy.
Senior mutual fund analyst Gregg Wolper, mutual fund analyst Kailin Liu, and ETF analyst Robert Goldsborough contributed to this report.