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Fund Times

Strong-Performing Value Fund's Management Team Resigns

Longtime manager Bill Hench and his team abruptly depart Royce Opportunity.

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An abrupt mass resignation of Royce Opportunity's (ROFIX) management team has left the strong-performing fund in the lurch and its Morningstar Analyst Rating under review.

Bill Hench and his three-person team surprised their colleagues at Royce Investment Partners by resigning on April 20, 2021. Hench had served as lead manager since October 2018 and as an assistant or comanager since May 2004, building an excellent track record, first as an understudy and then as successor to Boniface "Buzz" Zaino.

Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.