Feb. 5, 2003 — Citigroup Asset Management said Salomon Brothers fund manager John Cunningham will begin overseeing value stocks in Smith Barney Premier Selections Large Cap/A (SPSAX) tomorrow.
Cunningham, who helps run Salomon Brothers Srs Fds:Investors Value/A (SINAX), is replacing Giri Bogavelli, who will continue to manage institutional accounts, said Citigroup spokesman Edward Giltenan. Alan Blake continues as manager of the Smith Barney fund’s growth stocks.
The switch is aimed at improving the performance of the Smith Barney fund, and is also part of an “ongoing consolidation” of Citigroup’s three mutual fund families, in which it frequently moves managers from one group to another, Giltenan said.
The Smith Barney Premier Selections Large Cap fund, which carries a 1-Star rank from Standard & Poor’s, lost 35.4% last year, while its peer large-cap value funds were off 20%. Cunningham’s Salomon Brothers fund, which is also classified as a large-cap value fund, lost 21.8% in 2002.