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Fund Times: Favorite Emerging-Markets Manager Departs

Plus, news on Fidelity fund reopening, manager changes at Janus, and more.

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In an unexpected turn of events, OppenheimerFunds announced May 1 that the manager of  Oppenheimer Developing Markets (ODMAX), Mark Madden, has departed the fund and will be succeeded by Justin Leverenz. As a result, we've decided to drop the offering from our Fund Analysts Picks list for the diversified emerging-markets category, leaving only two options as our favorite choices in the category.

While Madden had only run the fund since late 2004, and his contrarian style underperformed in 2006, we nevertheless had confidence in his approach and abilities. Our stance was partly due to Madden's experience and success at his prior charge,  Pioneer Emerging Markets (PEMFX), which he ran from mid-1994 through mid-2004. During his time leading the Pioneer fund, Madden produced top-third results in six of his nine calendar years, proving his talent under a variety of market conditions.

Lawrence Jones does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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