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Wednesday, July 23, 2003

North Track President Resigns

by: Sean Hanna, Editor in Chief

The head of North Track Mutual Funds has resigned. Robert J. Tuszynski stepped down as president of the fund family at the end of June. North Track is the investment management arm of Milwaukee-based B.C. Ziegler. To replace him the firm appointed David G. Stoeffel, senior managing director and head of the asset management group.

Tuszynski had reported to Stoeffel before his resignation and had been at Ziegler since 1982. He had been president of the North Track fund family since 1996. He told the Milwaukee Journal-Sentinel that he voluntarily resigned to move on to other opportunities not available at Ziegler.

The Milwaukee-based fund group offers eight funds and manages $844 million in assets not counting the assets in its money market fund.

Stoeffel joined Ziegler in February. One of his first actions was to restructured the firm's distribution strategy and hired two wholesalers to bring the total number to five. He expects to continue hiring wholesalers and to build North Track's presence on 401(k) and 403(b) platforms in the small and medium-size company markets.

Stoeffel told the paper that North Track Funds' assets have dropped since 2000 due to both market declines and outflows, but added that it is his belief its record is not far off from that of the industry in terms of asset growth.

Before joining Ziegler, Stoeffel was a senior vice president and director of mutual funds marketing at Nomura Asset Management U.S.A. in New York.  

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