Fund Times: Wanger and Zell Depart, Baron's Ethical Lapse
News on Liberty Wanger, Baron Capital, Janus, Longleaf, Needham, AIM, more.
Perhaps the most colorful and successful couple in mutual fund industry are headed for retirement. Ralph Wanger, founder of Wanger Asset Management in Chicago (now Liberty Wanger) and manager of Liberty Acorn Fund (ACRNX), and his wife Leah Zell, manager of Liberty Acorn International (ACINX), announced they would retire Sept. 30, 2003.
Wanger, 68, departs as one of the longest-tenured fund managers in the business. Over more than three decades he became known for his stellar record as well as his wry commentary in shareholder letters. Likewise, Zell, 53, was one of the longest-serving and most successful international small-cap managers around. They had agreed to stay with their firm for five years when Liberty Funds (which is now part of Columbia Management Group (CLMB) and FleetBoston Financial (FBF)) bought Wanger Asset Management nearly three years ago, but they have decided to exercise opt-out clauses. Both Wanger and Zell will continue to advise the firm.
Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.