American Century Growth CIO Leaves Firm--and Funds

Steve Lurito's brief reign is over.

Lurito, who had served as chief investment officer of American Century's U.S. growth-stock funds since joining that firm in mid-2007, has left American Century, firm officials announced last week.

His position has been split into two parts, the officials said, because the firm has so many growth funds and growth personnel to oversee.

Both positions have been filled by American Century veterans. The new CIO of U.S. Growth Equity--Large Cap is Greg Woodhams, and the new CIO of U.S. Growth Equity--Mid & Small Cap is Glenn Fogle.

Woodhams has been with American Century since 1997 and has been a manager of  American Century Growth (TWCGX) for more than a decade. Fogle joined the firm in 1990 and has been a manager of  American Century Vista  for more than 15 years. Both will keep those managerial roles.

American Century currently has seven chief investment officers. Six of them focus on specific areas, while the overall chief investment officer for American Century is Enrique Chang. Another recent change in the ranks occurred in late 2008, when Mark Kopinski replaced Mark On as CIO in charge of international-stock funds. On had been at American Century for less than two years.

In addition to his Growth Equity CIO duties, Lurito also had been a manager of  American Century Ultra (TWCUX) and  American Century Select (TWCIX). Officials said that he won't be replaced on those funds. The current comanagers, Keith Lee and Michael Li, will remain and be the only managers on those funds.

Lurito's departure continues an unsettling pattern of manager turnover at American Century Ultra. Tom Telford, who had been named to that fund in 2006, left the firm in late 2008. Two other managers previously had departed, in 2006 and 2007. Stability also has been elusive at American Century Select; two successive lead managers of that fund (different from the ones who left Ultra) departed in 2006 and 2007.

Lurito also had been the manager of American Century's small Life Sciences and Technology funds. Joseph Reiland is now managing both funds, but the firm is seeking shareholder approval to merge both of them into American Century Growth this June.