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Wells Fargo Loses Two Sector Fund Managers

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April 22, 2004 — Stock pickers Douglas Pratt and Michael Dauchot, who managed two Wells Fargo mutual funds focused on the financial services and health care industries, have left the company.

Dauchot, who ran Wells Fargo Funds:Splzd Health Science/A (WFHAX), stepped down to “pursue opportunities” in hedge funds, and Pratt, who had been co-manager of Wells Fargo Funds:SIFE Splzd Fincl Services/A (SIFEX), resigned to “pursue other opportunities,” a spokesman for the fund company said.

Selena Chaisson, who leads the heath care team at RCM Capital Management LLC, the outside manager of the $35 million Specialized Health Science fund, replaced Dauchot. Chaisson, like Dauchot, is a doctor.

Michael Stead, who has run the $556 million Specialized Financial Services fund since its inception in 1995, continues as its sole manager.

The investment styles of the two funds will not change, the spokesman, Won Ha, said. The portfolio manager changes became effective on April 19.