March 11, 2004 — Columbia Wanger Asset Management said stock picker John Park, who manages three of its mutual funds, will leave the company at the end of next month to join a private equity firm.
Park will become a senior partner with a San Francisco-based firm, Columbia Wanger said. It did not disclose the name of the firm.
A spokesman for Columbia Management Group said Park’s departure is not related to allegations of improper market-timing activity in Columbia’s mutual funds. Columbia Management and Columbia Wanger are units of FleetBoston Financial (FBF).
Ben Andrews, an analyst, will succeed Park as lead manager of the Columbia Acorn Select Fund/A (LTFAX) and the Wanger Twenty Fund. Andrews was named co-manager of the funds today.
Charles McQuaid and Robert Mohn will continue to oversee the Columbia Acorn Fund/A (LACAX), which Park also helps run. Mohn, the lead manager of the Columbia Acorn USA Fund/A (LAUAX), also was named to succeed Park as director of domestic research for Columbia Wanger.