Liberty Financial Companies, Inc. (L) today announced that Thomas (Tim) R. Tuttle has been appointed president of Newport Pacific Management, Inc., a Liberty Financial operating company specializing in managing Asian equity portfolios.

Tuttle has been affiliated with Newport Pacific since 1984 as a director and consultant, and in 1992 joined the firm as managing director. In addition to heading the operations of the firm, Tuttle serves as a portfolio manager of the Pacific Basin, Pacific Basin ex Japan and Greater China strategies.

John M. Mussey, the founder and current president of Newport Pacific, will become vice chairman of the firm and chairman of the Investment Strategy Committee, and will maintain his role guiding the investment philosophy at the firm. The change reflects the implementation of a succession plan for the transition to the next generation of leaders at Newport Pacific.

Christopher Legallet will become chief investment officer of Newport Pacific, providing oversight for all of Newport's investment activities. Legallet has been with Newport since 1997, serving as senior vice president. He has been lead portfolio manager for the Newport Greater China Fund and Co-Manager of Newport's Pacific Basin funds, including the Newport Tiger Fund.

"Newport Pacific is one of Liberty Financial's most exciting operating units," said Kenneth R. Leibler, president and chief executive officer of Liberty. "It has enjoyed considerable success and is generally regarded as the premier manager of Asian equities by many. With Tim Tuttle and Chris Legallet in place, we have two extremely talented individuals to guide Newport's continued growth."

"While I'm not ready to retire, it is clearly the right time to begin a process of transition to a new management team," Mussey said, in a prepared statement. "I have known and worked with Tim Tuttle for twenty years, and I know of no one more capable than Tim to lead Newport Pacific into the twenty-first century. Chris Legallet is one of the brightest and most talented investment professionals in the business, and he has a proven track record of investment success. In my new role, I look forward to assisting both Tim and Chris as they begin a new era for Newport Pacific."  

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