Christopher C. Davis and Kenneth C. Feinberg, the team managing both the $9.5 billion Selected American Shares fund and the $32.6 billion Davis NY Venture fund, were named Morningstar's domestic stock managers of the year for 2005. In an announcement today, senior Morningstar analyst Russel Kinnel noted that the 10.2% return each fund earned in 2005 is more than double the return of the benchmark S&P 500 index. He also cited moves made by the funds — which are essentially identical — to lower fees for investors. Morningstar chose Tad Rivelle, David Lippman, Laird Landmann and Stephen Kane of the $1.36 billion Metropolitan West Total Return Bond fund as its fixed-income managers of the year. The fund's 3.11% return for 2005 topped 95% of its peers. Morningstar lauded the team for a "creative approach" to investing that has delivered an annualized 7.22% return since 1997, well above the 5.84% return for the average intermediate-term bond fund. Rob Lyon, Matt Pickering and Jerry Senser of the $154 million ICAP International fund were Morningstar's international stock managers of the year. The research firm noted the ICAP fund's low fees of 0.8% for retail investors, along with gains of 19.15% for the year — a full six percentage points ahead of the international large-cap value category average.
Marion Boucher Soper and Ronald DiPasquale joined Clinton Group as managing directors. Both hold new positions with the alternative investment manager. Ms. Soper became head of credit research on Tuesday and oversees portfolio managers and traders on the investment management team. She was managing director and head of global credit research at Deutsche Bank, where her duties were assumed by her former boss, David Manlowe, managing director and head of company research for the Americas, said Michele Allison, a Deutsche spokeswoman. Mr. DiPasquale is a portfolio manager and will be responsible for Clinton Group's structured capital and real estate portfolios. He was managing director and headed mortgage-backed trading at investment bank Keefe, Bruyette & Woods.
Kevin Kruse, Jeff Leng and Simon Turton were named managing directors of Warburg Pincus. Mr. Kruse is based in New York; Mr. Leng, Hong Kong; and Mr. Turton, London. Each was a vice president. Laurie Beard, Amit Dixit, Jeff Goldfaden Cecilia Gonzalo, Tara Kerley, Brian Spillane and Tenno Tsai were promoted to vice president from associate; all seven are based in New York. Henry Makansi, Gautham Radhakrishnan and Guy Sochovsky were also promoted to vice president from associate; they are based in the London office.
Drew Fung joined RREEF as managing director and head of U.S. high-yield debt investments, and Thanh Bui joined as vice president. Both are new positions resulting from an expansion of firm, said Ted Meyer, spokesman. Mr. Fung was with CWCapital, and Ms. Bui was in the high-yield debt investment group at CWCapital. Jaime Dargan, spokeswoman for CWCapital, declined to comment on their titles or say who replaced them.
Jonathan Weil will join Glass Lewis as managing director and editor of financial research, effective Feb. 1. It is a new position. Mr. Weil will oversee the publishing efforts of a team of Glass Lewis analysts specializing in identifying company-specific and industrywide risks for institutional investors. He will be based in the company's Broomfield, Colo., office and will report to Lynn E. Turner, Glass Lewis' managing director of research. Mr. Weil is currently a reporter covering accounting and financial fraud for the Wall Street Journal.