WAYNE, Pa., July 18, 2001 (PRIMEZONE) -- Portfolio manager Michael Sutton has been named Chief Investment Officer of Pilgrim Baxter & Associates, effective immediately. Sutton succeeds firm co-founder Gary Pilgrim, who will remain actively involved in the management and direction of Pilgrim Baxter in his role as President of the firm and President of the PBHG Funds. Mr. Pilgrim will also maintain all of his current portfolio management duties, including management of the PBHG Growth and New Opportunities Funds and leadership of the team managing the PBHG Core Growth Fund.
"Mike has been an outstanding contributor to the investment team, and a great presence at the firm," said Mr. Pilgrim. "As Pilgrim Baxter has grown, we've evaluated our needs with a view to the long-term development of the company and optimization of each individual's role. Mike has the broad range of experience and management skills needed to lead the investment team across all disciplines, while this transition allows me to focus on managing portfolios, which is the area I believe I can make the strongest contribution to the firm."
Sutton's new duties will include assessing the firm's overall investment policies and analytical resources, managing and monitoring risks in portfolios, assisting in new product development, and serving as representative and executive-level advocate for the investment team. Sutton also continues as portfolio manager of the PBHG Large Cap Growth, Large Cap 20 and Select Equity Funds.
"Pilgrim Baxter's success over the years has been driven by investment performance and the results we've been able to achieve for our institutional clients and individual shareholders," said Sutton. "I'm honored to be entrusted with the role of leading the exceptionally hard-working and talented team of managers here. The firm has always dedicated itself to giving portfolio managers all the tools they need to excel, and that will be my focus as we move forward."
Sutton joined Pilgrim Baxter in September 1999 after having served in portfolio management roles for Loomis, Sayles & Co. and Stein, Roe & Farnham. A Chartered Financial Analyst, he earned his BS in Finance, MBA, and JD degrees from Florida State University.
About Pilgrim Baxter & Associates, Ltd.
Founded in 1982, Pilgrim Baxter & Associates, a wholly-owned unit of Old Mutual plc (LSE: OML), managed over $15 billion in assets for institutional and individual investors as of June 30, 2001. The firm is the investment adviser to the PBHG Funds, a family of 16 no-load mutual funds. More information on the PBHG Funds is available by phone at (800) 433-0051 or through the company's website at www.pbhgfunds.com.