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Rating:FleetBoston Fund Managers Say Adieu Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, June 01, 2004

FleetBoston Fund Managers Say Adieu

by: Theresa Sim

One stock and one bond fund manager left Columbia Asset Management or its affiliates in April, the Boston Globe reported on Tuesday.

Michael T. Kennedy, portfolio manager of Intermediate and Income bond funds, left Columbia Funds in April, the Globe reported. Charles Salmans, spokesman for Columbia Funds, said the firm announced Kennedy's departure in a May 15 filing.

"Transitions are always difficult, but the degree of difficulty goes up when a manager like Mike Kennedy leaves," the Globe reported Philip Edwards, managing director of funds research at Standard & Poor's as saying. Edwards continued: "[Bank of America is] in that icky part of the transition and it looks like it may be stickier than any of us imagined."

John Park, manager of Columbia Wanger's Acorn Select and Wanger Twenty stock funds, also bid the firm farewell to work at a hedge fund at the end of April. The fund firm announced Park's departure on March 11.

Park worked for Columbia Wanger Asset Management, a Chicago-based outfit of 21 investment professionals.

The mother company has already found replacements for the two.

Ben Andrews, a former technology senior analyst for Acorn, took over for Park on May 1. Mark E. Newlin, who joined Columbia last year, replaces Kennedy.

The Columbia Wanger board also voted to change the maximum number of equities that the two funds can invest in from 25 to 40, and to change the Wanger Twenty fund name to Wanger Select. 

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