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Fund Times

Fund Times: Openings, Closings, Manager Changes

Vanguard, TIAA-CREF, Janus, Hancock, Merrill Lynch, Monument, Kinetics.

Mentioned: , , , , ,

Manager Changes
In a surprising move, Alexander Cheung, manager of Monument Internet (MFITX) and Monument Medical Sciences  (MFMAX), this past week left Monument to start his own firm, Long Bow Capital Management. Under Cheung’s watch, Monument Internet soared to a 273% return in 1999--the best performance of any Internet offering for the year. Bob Grandhi, a senior vice president of Daiwa Securities (DSECY) in New York, will take over the Internet fund, and Monument will team manage the Medical Sciences fund using Cheung's portfolio model.

The Vanguard Group will add a fifth manager to the team running Vanguard Explorer (VEXPX). Adding more managers and thus further partitioning the fund is one way to deal with the growing asset base.

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