Industry elder Lord Abbett has hired Steven Lipper for a new role as Client Portfolio Manager for the firm’s Mid-Cap Value fund. He will communicate investment strategy from the fund’s management team to its institutional clients and report to Daria Foster, Director of Institutional Services.

As of year-end 2003, the fund managed $10.1 billion in assets, compared to Lord Abbett’s total assets under management of over $72 billion. The firm sells funds only through investment professionals.

Foster stated that the position was created to serve the firm’s "proactive approach to servicing and communicating with its clients" and to help fill the "communication requirements of our institutional clients."

The company’s website stated a more specific reason for Lipper’s hire: "[Lipper’s] addition results from the firm's success in building a sizeable roster of mid cap value clients."

Three of the firm's other funds also have client portfolio managers: Large-Cap Value, Small-Cap Growth and Core Fixed Income. Spokesman Jason Farago said that the "evolution of the client portfolio manager [position] has occurred over the last few years" and that the firm is not immediately looking to hire client portfolio managers for other funds.

Lipper joins ten others on the fund’s investment management team, headed up by Edward K. von der Linde and Howard E. Hansen.

Lipper was hired away from Reuters Ltd., where he was Executive Vice President in the Private Client Services group. He has also worked at Reuters-owned Lipper. Anna Branch takes over Lipper’s role at Reuters effective immediately, said Reuters spokesman Kyle Arteaga. Branch previously worked under Lipper in the same division; her new title is Global Head of Information Services. 

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