Edward A. Studzinski, partner at Harris Associates and co-portfolio manager of the $17.7 billion Oakmark Equity and Income Fund, is retiring from the firm on Jan. 1.
Clyde S. McGregor, who was co-portfolio manager with Mr. Studzinski, will continue as portfolio manager of the fund while other Harris Associates analysts will assume Mr. Studzinski's research responsibilities, according to a news release.
Mr. McGregor was the sole manager of the fund from its inception in 1995 until 2000, said Terry Badger, Harris spokesman, in an e-mail. Mr. Studzinski has been co-manager since 2000 and was named partner in 2005. The fund's assets under management increased to $17.7 billion from $57.6 million during Mr. Studzinski's time as portfolio manager, Mr. Badger said.
“We are fortunate at Harris Associates to have a deep and talented investment team, and we plan for others on that team to work closely with Clyde in evaluating the opportunities in today's markets for our shareholders,” said Kristi L. Rowsell, president of Harris Associates and The Oakmark Funds, in a news release.
Harris Associates is investment adviser to the $35 billion Oakmark Funds. Harris had assets under management of $60 billion as of Sept. 30.
Mr. Studzinski was unavailable for comment.