The Clipper Fund
trustees have not made a final decision on finding a new advisor for the $6.2 billion fund, but have approved a "short-list," according to a new press release.
The directors expect to reach a decision by the end of November. In the meantime, James H. Gipson of Pacific Financial Research, the fund's current advisor, will continue to manage the fund until the end of 2005.
The decision to put out the mandate was spurred by management changes at PFR. Three of the firm's six principals -- Gipson, along with Michael Sandler and Bruce Veaco -- are leaving PFR at the end of the year. The firm plans to reorganize with affiliate Barrow, Hanley, Mewhinney & Strauss at the beginning of 2006.
The Clipper directors are considering Barrow, Hanley among other candidates. Wilshire Associates is assisting with the search.
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