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Friday, November 25, 2011|
Are the Stars Really Going Out, or Are They Just More Shy?
Contrarians may want to take out a bet on the revival of the equity fund rock star. Yet another fund columnist -- this time from Steve Syre at the Boston Globe -- is wondering "Where did all the stars go?" Syre writes that it was an odd request from Fidelity's PR people that sparked his article:
Consider: A colleague who recently interviewed a Fidelity manager for an investment story requested a photograph. He was turned down and asked to respect the managerís privacy. Thatís a culture shift.That actually sounds like a pretty-typical response to a photo request from Fidelity's PR folks to us, but never mind.
Syre writes that Bill Millerís resignation as CIO of Legg Mason Capital Management [see profile] has not exactly paved the way for Bruce Berkowitz, who is currently experiencing some growing pains. Nor has it opened the doors for Ken Heebner, who has had performance issues since 2007. Syre also failed to mention any of the PMs who were listed as "hottest of the hot" by InvestmentNews earlier in the week.
The columnist offered that the demise of the rock star PM is a progression of a decade-long downward spiraling of the equity market, fund companies perception of star PMs as threats, and the rise of target date funds' and anonymous PMs piloting the less high profile fund of funds vehicles.
Printed from: MFWire.com/story.asp?s=38419
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