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.