American Century Investments launched its new Mid Cap Value Fund Wednesday. The Kansas City-based fund advisor and asset manager claims more than $90 billion in total assets under management and operates more than 70 funds.

The fund leverages a decade old value focused investment management team headed by Phil Davidson that now manages $10 billion of assets. It is the first mid-cap value fund offered by American Century. Scott Moore and Michael Liss are the co-portfolio managers of the fund. The duo already manages the American Century Equity Income and Value portfolios.

"For more than 10 years, American Century has built a solid stable of value investments," explained Davidson, chief investment officer of the value equity discipline. "Offering a mid-cap value investment strengthens the already wide array of value portfolios we manage for our investors."

The launch of the fund follows a series of portfolio manager changes at the firm last week. Linda Peterson, 40, co-manager of the American Century Heritage and Giftrust funds with Kurt Stalzer, resigned from the firm to spend more time with her family. She had been a co-manager of Heritage since 1998 and co-manager of Giftrust since August 2001.

David Rose, co-manager of the American Century Vista Fund, has picked up her duties. Meanwhile, Rose will be replaced on Vista by David Hollond, currently an analyst on the fund management team.

The management teams on the affected portfolios report to Harold Bradley, chief investment officer for U.S. Growth small-cap, mid-cap and sector strategies.

"While we're sad to lose Linda Peterson, we certainly respect her decision to spend more time with her husband and young children, and we know that our U.S. midcap growth teams remain in good hands," said Bradley.  

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