A Midwestern mutual fund entrepreneur and value investing guru is preparing to hand off his flagship mutual fund in what's being characterized by Morningstar as a "very well-planned" transition.
| Wallace R. Weitz|
Founder, Chief Investment Officer, Portfolio Manager
Russell Hubbard of the Omaha World-Herald reports
that at the end of 2015 Weitz Investments
] founder Wally Weitz
, 66, will step down from PMing the $1.1-billion, three-star, silver-rated Weitz Value Fund
, leaving it in the hands of current co-PMs Brad Hinton
and Dave Perkins
. Yet Weitz himself will continue to PM his Partners Value
, Partners III Opportunity
, and Hickory
Weitz Investments has $6 billion in AUM: Morningstar estimates
that as of May 31 it had $5.327 billion in its mutual funds, while BrightScope pegs
Weitz' mutual fund AUM at $5.43 billion.
M* mutual fund analyst Kevin McDevitt
tells the paper that the transition "has been very well-planned."
"Clients want a succession plan," Weitz tells the Herald
. "There has always been a 'hit-by-a-bus' plan, but this reinforces the idea of a long-term succession plan."
Perhaps other fundsters will want to look to Weitz' transition example, given how well both the press and the raters are taking it so far.
Neil Anderson, Managing Editor
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