Sept. 13, 2002 -- Loomis Sayles & Co. said veteran bond fund manager Dan Fuss has relinquished his duties as chief investment officer for fixed-income securities in order to focus on managing money.
The company also said 28 employees, including six money managers who oversee institutional accounts, have accepted early retirement packages that are aimed at cutting costs.
The Boston-based firm said Jae Park took over as its new investment chief for bonds this week. Park joined Loomis Sayles from Intl Bus. Machines (IBM), where he oversaw $22 billion in fixed-income investments in the computer maker's retirement fund.
Fuss, who runs the flagship Loomis Sayles Bond (LSBRX), is staying with the company and will continue to manage money and work with clients, Chris Lazzaro, a company spokesman, said. That is "basically what Dan enjoys most" of his duties, Lazzaro said.
Fuss has no plans to retire and was not eligible for the retirement packages because he is a vice chairman of the company, Lazzaro said. Fuss could not immediately be reached for comment.
The 28 employees who accepted the packages, including four bond managers and two stock managers, represent 5% of Loomis Sayles' staff. The people who cut the retirement deals will leave by the end of the year. The offers were extended to 38 workers aged 50 or older who had worked at the firm for at least 10 years.
The company has no plans to lay off workers, Lazzaro said. Loomis Sayles oversees $60.8 billion for institutions, wealthy clients and mutual funds.
Park's hiring and the early retirement deals were reported earlier today by The Boston Globe.