Gary Pilgrim stepped down as chief investment officer at Pilgrim Baxter & Associates, but he will remain president of the firm and retain his portfolio management duties. Michael Sutton, manager of the PBHG Large-Cap Growth and Select Equity funds, was named CIO, effective immediately.
"Mike has the broad range of experience and management skills needed to lead the investment team across all disciplines,” said Mr. Pilgrim. "This transition allows me to focus on managing portfolios, which is the area (in which) I believe I can make the strongest contribution to the firm.”
Mr. Pilgrim manages the PBHG Core Growth, Growth and New Opportunities funds. He has a long-term contract with Pilgrim Baxter and has no plans to leave the firm any time soon, said Tucker Hewes, PBHG Funds spokesman.
