While the changes will affect some of the Northern Funds, Northern said its use of a team approach in investment management would ensure a disciplined and consistent process around portfolio construction and risk management.
Effective today, the changes include:
- John Leo will assume responsibility for management of the US growth equity team and will manage the Northern Growth Equity Fund and the Northern Institutional Diversified Growth Portfolio
- Robert Mitchell will assume responsibility for managing the Northern Growth Equity Fund and the Northern Institutional Diversified Growth Portfolio, along with John Leo. In addition, Mitchell will manage the equity holdings of the Northern Institutional Balanced Portfolio.
- Robert N. Streed will manage the Northern Institutional Focused Growth Portfolio and will continue to manage the Northern Select Equity Fund.
- Tracy McCormick will manage the Northern Mid Cap Growth Fund and the Northern Institutional Mid Cap Growth Portfolio with Andrew Flynn
- Theodore Breckel will manage the Northern Small Cap Growth Fund, the Northern Institutional Small Company Growth Portfolio and the Northern Growth Opportunities Fund
The changes were in response to Neuberger Berman luring away former Northern portfolio managersJon Brorson, David Burshtan, Kenneth Turek, and John Zielinski.