Columbia Management Group, New York, is searching for a new head of...

Columbia Management Group, New York, is searching for a new head of large-cap value equities to replace Scott Schermerhorn, who resigned earlier this month. No details on the search were available. Mr. Schermerhorn also managed five mutual funds and institutional accounts totaling $2.8 billion. Scott L. Davis, vice president and institutional portfolio manager, and Greg Miller, also a vice president and portfolio manager, temporarily assumed leadership of the value team and management of Mr. Schermerhorn's portfolios.