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Top Mid-Cap Blend Fund Gets a New Manager

Firm founder will take Eric McKissack's place at helm of Ariel Appreciation.

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The manager of Ariel Appreciation (CAAPX), one of the better-performing mid-cap blend funds in recent years, is resigning.

Eric T. McKissack, who has managed the $1.3 billion fund since its 1989 inception, is leaving Chicago-based Ariel Capital Management for personal reasons, the firm said in a letter to shareholders. "He's indicated to us that he just wanted to take some time off," said spokeswoman Merrillyn Kosier.

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