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Seligman Hires Outside Manager for Three Funds

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Sept. 17, 2003 — Seligman Funds has hired Wellington Asset Management Co. to run three international funds with about $182 million in assets.

Wellington, a Boston-based money management firm, this week began overseeing the $178.2 million Seligman Global Smaller Companies Fund/A (SHGAX), the $63.4 million Seligman Global Growth Fund/A (SHGOX), and the $40.6 million Seligman International Growth Fund/A (SHIFX).

Daniel Cooley, who had run the Global Growth and International Growth funds, and Daniel Barker, who helped manage the Global Smaller Companies fund, have left Seligman, a spokeswoman for the company said. Richard Ruvkin, Global Smaller Companies’ co-manager, continues as the leader of the team that runs Seligman Frontier Fund/A (SLFRX).

The three Seligman funds have delivered disappointing results in recent years. Both the Seligman Global Growth and International Growth funds are ranked 1 Star by Standard & Poor’s. The Global Smaller Companies fund carries a 3-Star rank.

Information on the new managers of the three funds was not available. A Wellington spokeswoman declined to comment on the changes, which were disclosed in a regulatory filing.

Seligman also said it had no information on the future plans of Cooley and Barker.