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Wednesday, February 27, 2013|
Is Barrow Developing a Succession Plan?
For a few years now, industry wonks have wondered over the succession plans for storied veteran value investor James Barrow, who at 73 has managed a number of funds for three decades.
Now it looks like Barrow, the executive director as well as large cap value and mid cap value equity portfolio manager at Barrow, Hanley, Mewhinney & Strauss may be making the first, perhaps tentative, steps towards developing a succession plan.
According to an SEC filing, he added two associate PMs to the Vanguard [profile] Windsor II fund.
Sharing the helm with Barrow on the fund will be PMs Jeff Fahrenbruch and David Ganucheau, both of whom are managing directors and equity analysts at the firm.
Barrow, who has managed a portion of the Windsor II fund since 1985 has over 51-years of industry experience, according to his firm's website. In addition to the Windsor II fund, he is also lead PM for the Selected Value Funds,.
Fahrenbruch has 16-years of experience in the industry, having joined Barrow's firm in 2002. Before that, he was an equity analyst at Westwood Holdings Group.
Meanwhile, Ganucheau has 17-years of experience in the industry, having joined the firm in 2004. Before that, he was a portfolio manager and analyst for Clover Partners.
The Windsor II fund has both
Regarding the significance of these promotions, veteran Vanguard-watcher Daniel Wiener, editor of the Independent Adviser for Vanguard Investors wrote this on the subject:
For years Jim Barrow, one of the top value investors in the U.S. and the lead manager on Windsor II and Selected Value, has been hinting at retirement, though to be honest I am doubtful he’ll ever really retire. In fact, he came close to retiring a few years ago until Vanguard persuaded him to stick around and let his (unnamed) replacements season a bit more. Who those replacements are, and when they’d take charge, has long been a mystery.
Barrow's firm, which is majority-owned by Old Mutual [profile], is one of six advisors to the Windsor II fund. The others are Vanguard Equity Investment Group; Hotchkis and Wiley Capital Management; Armstrong Shaw Associates Inc.; Lazard Asset Management, and Sanders Capital.
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