SAN FRANCISCO - Vendor strategy consultant, the Spectrem Group, hired Mark R. Gensheimer as director of business development, a new position. He will work from Spectrem's New York office and an office in Pittsburgh.
Mr. Gensheimer most recently was an executive vice president and director of bank marketing and sales at Federated Securities Corp., Pittsburgh, where he has been replaced by Timothy C. Pillion. Mr. Pillion most recently was director of Federated's global accounts group.
Fund News
T. Rowe Price Associates Inc., Baltimore introduced the Diversified Small-Cap Growth Fund, managed by Richard T. Whitney. Mr. Whitney uses proprietary quantitative models to select stocks on a top-down basis, focusing on projected earnings growth and valuation.
The T. Rowe Price Tax-Efficient Balanced Fund also was introduced. The fund is co-managed by Mary J. Miller and Donald J. Peters in mid- to large-capitalization stocks and municipal bonds. The fund's managers seek to minimize taxable distributions within the fund to improve long-term performance.
Franklin Templeton Distributors Inc., San Mateo, Calif., introduced the Templeton Institutional Funds Emerging Fixed Income Markets Series.
The institutional mutual fund will invest primarily in fixed-income and debt obligations of emerging market countries and companies domiciled in developing markets.
J.P. Morgan & Co. Inc., New York, launched the JPM Pierpont Emerging Markets Debt Fund, managed by Eduardo L. Cortes, vice president.
The fund will invest primarily in fixed-income securities issued by countries under the Brady Plan for restructuring foreign debt.
J.P. Morgan also introduced the JPM Pierpont U.S. Small Company Opportunities Fund. The fund will concentrate investments in companies with market capitalizations between $150 million and $1.25 billion. Marion U. Pardo is the portfolio manager.
Boston Partners Asset Management L.P., Boston, launched the Boston Partners MidCap Value Fund, its second mutual fund.
The fund seeks long-term growth of capital and will invest at least 65% of total assets in equities with capitalizations of $200 million to $4 billion.
Wayne J. Archambo is the fund's portfolio manager; he also manages the company's institutional small- and midcap value equity separate accounts.
State Street Global Advisors, Boston, formally introduced three life style, asset allocation funds, the Life Solutions Funds. SSgA defined contribution plan clients moved nearly $100 million into the funds when they opened July 1. The three funds are managed by Gus Fleites and invest in other SSgA mutual funds to match specific portfolio objectives.
OppenheimerFunds Inc., New York, received shareholder approval to merge the Oppenheimer Strategic Income & Growth Fund, the Oppenheimer Fund and the Oppenheimer Global Emerging Growth Fund into existing funds with similar investment objectives and portfolios.
Oppenheimer also named Jerry Webman as temporary manager of the Oppenheimer Multi-Sector Income Trust and World Bond Funds, following the resignation of David A. Rosenberg. Mr. Webman is a senior vice president and director of tax-exempt fixed income.
A replacement is being sought for Mr. Rosenberg, whose plans were unknown.
Scudder, Stevens & Clark Inc., New York, launched the Scudder International Growth and Income Fund. Sheridan P. Reilly is the lead portfolio manager. The fund uses a similar investment style as the domestic Scudder Growth and Income Fund, which focuses on dividends to help uncover investment opportunity as well as help dampen price volatility.
Calamos Financial Services Inc., Naperville, Ill., introduced an institutional share class (I Class) within in its mutual fund family to accommodate defined contribution plan clients with a $5 million initial investment. The I class is available for the Calamos Convertible, Growth and Income, Growth, Strategic Income and Income funds.
The Lutheran Brotherhood Fund, Minneapolis, a large-capitalization growth and income fund offered by the Lutheran Brotherhood Securities Corp., topped $1 billion July 15 for the first time in its 27-year history. Much of this growth is the result of the recent market rally in large-company stocks, said company officials. But gross sales for the fund were quite strong, with more than $60 million received year-to-date through July 15.
The Lutheran Brotherhood recently introduced a new fund, the LB Mid Cap Growth Fund, which will invest in companies with capitalizations of $1 billion to $5 billion.
Brown Brothers Harriman & Co., New York, launched two mutual funds - the 59 Wall Street International Equity Fund and the 59 Wall Street Emerging Market Fund. The funds are team managed, using a strategy that seeks to buy growth at a reasonable price.
Northstar Investment Management Corp., Greenwich, Conn., introduced the High Total Return Fund II, managed by Thomas Ole Dial, chief investment officer-fixed income. The fund is a clone of Northstar's High Total Return Fund, which was closed April 30, when it reached $900 million under management. Mr. Dial also manages the original high-yield fund.
