Mitchell Hutchins Asset Management is refocusing its efforts on providing institutional and high-net-worth clients with three core products: quantitative equity and fixed-income management, short-term management, and municipal securities. Mitchell Hutchins managed $61.6 billion worldwide as of Dec. 31, $5.4 billion of which was for U.S. institutional investors. About $1.9 billion of that was invested in active U.S. equities, and $2.8 billion was in active U.S. bonds.
Some of its mutual funds will be run by outside managers, which were not identified. The PaineWebber Strategy, Tactical Allocation, Financial Services Growth, Enhanced S&P 500 and Enhanced Nasdaq 100 funds will continue to be managed in-house.
Brian M. Storms, president and CEO of Mitchell Hutchins, could not be reached by press time to answer more detailed questions about the effort. Denise Kasmir, a spokeswoman, said staffing levels at Mitchell Hutchins will be "adjusted to fit the new business model.”
