Delaware Investments will switch the investment team of its large-cap value equity-total shareholder return strategy over the next few months, said spokeswoman Laurel O'Brien. The $3.4 billion in institutional client money currently run by the firm's veteran eight-member portfolio management team will be moved to a team led by D. Tysen Nutt Jr. that Delaware lifted out from Merrill Lynch Investment Managers in 2004.
It is unclear if new roles will be found for the old TSR team, led by CIO Timothy G. Connors. According to Delaware's website, team members include senior portfolio managers John B. Fields, George E. Demin and Brian T. Hannon. Ms. O'Brien declined to identify the other four members of the team. Mr. Connor's team, which managed the bulk of the firm's assets 10 years ago, enjoyed strong relationships with several long-term clients, according to one ex-Delaware veteran, who declined to be named. Mr. Connors didn't immediately return a call seeking comment.