New Managers Get Fund Back On Track
An edited excerpt from the July 18, 2003, issue of Investor’s Business Daily
Last January, Jon Brorson and Ken Turek took over Neuberger Berman Manhattan/Investor (NMANX) with the usual mandate given to a team charged with fixing an ailing mutual fund — turn it around.
The $322 million mid-cap growth fund was a laggard. Its -25.591% average annual return of the past three years was more than 13 percentage points behind the S&P 500 index. Its -5.63% annual average of the past five years lagged the index by 3.66 points.
Few managers survive a record like that. Jennifer Silver and Brooke Cobb were sent packing.
Brorson and Turek came from Northern Trust, where both managed funds for more than a decade. For them, the bull market this spring came at just the right moment.