Gudefin, Lahr leave Mutual Series

Two star managers have left Franklin Templeton’s Mutual Series Group, joining investment giant PIMCO, based in Newport Beach, California.

Anne Gudefin and Charles Lahr were co-managers of the highly rated Mutual Discovery Fund.

They join PIMCO as executive vice-presidents and global equities portfolio managers. Gudefin will be based in PIMCO’s London office, while Lahr will work out of the New York office.

Lahr’s officially started at PIMCO today, while Gudefin will begin working at PIMCO in early January 2010.

At the same time, PIMCO announced the hiring of Neel Kashkari as a managing director and head of new investment initiatives. Until May 2009, he had served as Assistant Secretary of the Treasury, leading the Office of Financial Stability. He will be based out of PIMCO’s Newport Beach headquarters, effective Dec. 14.

“Extending PIMCO’s investment activities into active equities and thus across the capital structure is a logical and natural extension of the firm’s successful investment process,” said Bill Gross, PIMCO’s founder and co-CIO. “Neel, Anne and Chuck are exceptional professionals and individuals and we are delighted to have them on board as we continue PIMCO’s multi-year evolution as a complete provider of global investment solutions.”

Franklin Templeton has already named replacements for Gudefin and Lahr, handing management duties on the Mutual Discovery Fund to Peter Langerman and Philippe Brugere-Trelat.

Langerman is president, CEO and chairman of the Mutual Series Group with over 20 years experience employing the team’s deep value approach. Brugere-Trelat has been with Mutual Series since 1984 and manages the Mutual European Fund for U.S. investors.

“We expect a seamless transition,” the firm said in a press release. “The managers are supported by a deep bench of 25 very experienced managers, analysts and traders with an average of 15 years industry experience.”

(12/07/09)