Donald Hall was replaced last week as lead portfolio manager of the $548 million Kemper Value Fund by Lois Roman, a senior vice president. The change was made to allow Mr. Hall to focus on management of about $2 billion in institutional accounts in the same style, said Pamela Phlen, a Kemper spokeswoman. Outsiders familiar with the fund said Mr. Hall had been straying away from a pure value style. Ms. Phlen admitted the funds performance was a consideration in Kempers decision to replace Mr. Hall. Ms. Roman will also continue to manage the $2.6 billion Scudder Large Company Value Fund.