UBS Global Asset Management hired a three-person investment team from U.S. Bancorp Asset Management to run its new midcap growth strategy, said Peter Casey, UBS spokesman. David Lettenberger and Nancy Barber were named portfolio managers and Rudolf Hokanson was named senior analyst. They will be part of UBS' Growth Investors unit based in Minneapolis.
Mr. Lettenberger and Ms. Barber managed $1.5 billion in midcap growth strategies for U.S. Bancorp. Mr. Lettenberger was a senior portfolio manager and head of U.S. Bancorp's midcap and large-cap growth teams; Ms. Barber was co-portfolio manager on the midcap growth strategy, and Mr. Hokanson was senior analyst for both strategies.
The three will report to Paul Graham, head of the UBS Growth Investors unit, which currently manages $6.4 billion in small-cap growth, small/midcap growth and large-cap growth strategies. Mr. Graham was not available for immediate comment. Tom Gunderson, portfolio manager on U.S. Bancorp's midcap and large-cap growth strategies, and co-portfolio manager Hal Goldstein will now assume full responsibility for both strategies, said Cheryl Stone, U.S. Bancorp spokeswoman. U.S. Bancorp "will bring in new talent" as appropriate, but replacements for the three have not been found.
