Will Nasgovitz is taking over for his father.

Morningstar reports, in its "Fund Times" column, that Will took over Heartland Advisors [profile] as CEO, succeeding his father, Heartland founder Bill Nasgovitz. Heartland also separately revealed the hiring of a PM away from a public pension system.

According to Heartland, the move is in "keeping with the Firm's long-term succession plan." Will continues to PM the Heartland Select Value Fund, though he won't be co-PMing the Heartland Value Fund any more alongside Bill. Bill remains at Heartland as chairman, chief investment officer, and a PM.

Meanwhile, last week Heartland hired Robert Sharpe as co-PM of the Heartland International Value Fund alongside Bill. Sharpe previously served as international equities PM at the State Teachers Retirement System of Ohio, and he once worked with American Funds backer Capital Research Company. 

Edited by: Neil Anderson, Managing Editor


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