ING Investments has pulled a sub-advisory mandate from Navellier Fund Management and parted ways with Mary Lisanti as part of a shakeup of portfolio managers at six funds and related variable annuity accounts. The moves took away portfolio manager duties from three ING executives, including Lisanti, formerly chief investment officer of equities for ING Funds. Lisanti is leaving ING and "seeking opportunities outside the firm," said a spokesperson for ING Investments.

Lisanti joined what was then Pilgrim Funds in May 1998 from Strong Funds. Pilgrim was later folded into ING Pilgrim which in turn was absorbed by ING Investments last fall. Lisanti and Jeffrey Bernstein were portfolio managers on three funds: Growth Opportunities, MidCap Opportunities and SmallCap Opportunities. Bernstein has also left ING and is pursuing other opportunities, said the spokesperson.

The pair was replaced as portfolio managers of the funds by a New York City-based ING team led by Matthew Price and David Campbell. The pair joined ING a decade ago from Value Line Asset Management. They will also replace Chicago-based Navellier as stock picker on the Growth & Value fund in mid-June.

The moves are the latest in a cascade of events that started with the creation of the ING Investments unit last fall, explained the spokesperson. She added that the current changes are part of a process of pulling together those units and finessing the ING platform.

The spokesperson did not provide further comment on the decision to replace Navellier other than to confirm that ING continues to use both internal and external portfolio managers for its funds. Officials at Reno, Nevada-based Navellier where not available for immediate comment.

Meanwhile, at least one of the three moves appears to be related to ING Investments' purchase of Delta Capital Management that was announced earlier today. William Coughlin, who is the managing director and founder of Delta Capital, will take over the Large Company Value and MagnaCap funds from Thomas Jackson.

ING also said that James A. Vail, portfolio manager for ING Investments, will join Richard Saler and Philip Schwartz on the team managing the ING Worldwide Growth Fund. He will take over responsibility for US equity stock selection from Lisanti.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE