After posting negative returns for seven of the last nine years, the Van Wagoner Emerging Growth
is letting its manager go, the WSJ
reports. The catch? That manager is also the head of the fund's sponsor, Van Wagoner Capital Management
, Garrett Van Wagoner
. The Emerging Growth fund's board has already proposed a new sub-advisor, Husic Capital Management
. The fund also has another problem that may be a big roadblock to bringing in new money -- it sports a 500 bps expense ratio. Reducing this expense ratio to 200 bps within the next year is a goal of the fund's board.
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