The skippers of the $7-billion Clipper mutual fund in Beverly Hills are abandoning ship, after two years of lagging performance.
Managers James Gipson, Michael Sandler and Bruce Veaco, who have run the value-oriented stock fund since the mid-1980s, are leaving at the end of the year, the fund's parent company said Friday.
Gipson, 62, is the founder of Pacific Financial Research Inc., the entity that serves as advisor to the Clipper and Clipper Focus funds. He declined to discuss his decision to leave the advisory firm he founded in 1980.
In a short statement, Gipson called it "an honor serving our clients and mutual fund shareholders over the past quarter century."
http://www.latimes.com/business/la-fi-clipper1oct01,1,4833587.story?coll=la-headlines-business
Managers James Gipson, Michael Sandler and Bruce Veaco, who have run the value-oriented stock fund since the mid-1980s, are leaving at the end of the year, the fund's parent company said Friday.
Gipson, 62, is the founder of Pacific Financial Research Inc., the entity that serves as advisor to the Clipper and Clipper Focus funds. He declined to discuss his decision to leave the advisory firm he founded in 1980.
In a short statement, Gipson called it "an honor serving our clients and mutual fund shareholders over the past quarter century."
http://www.latimes.com/business/la-fi-clipper1oct01,1,4833587.story?coll=la-headlines-business
