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Fund Times: Longleaf Partners International Loses a Veteran Manager

Plus, Vanguard's new bond index funds and ETFs and Morgan Stanley reopens a star manager's funds after he leaves.

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Andrew McDermott, who has been managing  Longleaf Partners International (LLINX) since its 1998 inception along with Longleaf stalwarts Mason Hawkins and Staley Cates, is leaving advisor Southeastern Asset Management this autumn. Hawkins and Cates will remain as the fund's managers.

The London-based McDermott has played a major role on the International fund. He is listed as a manager only on that fund--unlike Hawkins and Cates, who are listed on all three Longleaf Partners funds. But Hawkins and Cates have been closely involved in the International fund's management as well. In fact, Longleaf International shares several holdings with the Longleaf domestic funds they manage,  Partners (LLPFX) and  Partners Small Cap (LLSCX). Meanwhile, the main analysts on International, Scott Cobb and Ken Siazon, will take a larger role on the fund, though they have not been named comanagers at this time. Cobb, based in London, has been promoted to head of European research, and Siazon, based in Singapore and Tokyo, to head of Asian research. Cobb and Siazon each joined Southeastern Asset Management in 2006 after a number of years at other firms.

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Ryan Leggio has a position in the following securities mentioned above: LLPFX. Find out about Morningstar’s editorial policies.