FPA Paramount Fund
reported that the fund's Board of Directors elected Eric Ende
as president, portfolio manager and director of the fund, and Steven Geist
as executive vice president and portfolio manager.
Ende and Geist succeed William Sams
as portfolio managers for the fund. Sams, the president and portfolio manager of the fund for the past 19 years, is retiring from his positions.
"For the past three years the performance of FPA Paramount Fund has not been satisfactory and I take full responsibility for it," said Sams. "The Board of Directors of the fund has given me adequate opportunity to turn things around and it is now time to turn the management of the fund over to Eric and Steve. They have done a great job with FPA Perennial
and I'm sure they will do a great job with FPA Paramount."
"Bill's contrarian value style, which worked so well for so long, has suffered in the last few years during one of the longest uninterrupted growth cycles in history," said Julio de Puzo Jr.
, executive vice president of the fund. "He is still considered by many as one of the great investment managers of our time."
FPA Paramount Fund is a Los Angeles-based open-end investment firm managed by First Pacific Advisors
, an indirect wholly owned subsidiary of United Asset Management
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