March 18, 2004 — Heartland Advisors Inc. said M. Gerald Sandel, who helps run the Heartland Group:Select Value Fund (HRSVX), is leaving the company.
Sandel, who will step down on April 30, said he plans to start a money-management firm.
Eric Miller, who has run the $89-million fund with Sandel since 1999, will continue as its co-manager. He will be joined by David Fondrie, Heartland’s director of research; Hugh Denison, a former manager of the Heartland Group:Value Fund (HRTVX); and Theodore Baszler, who also oversees separate accounts for the fund company.