A recent decision by the Clipper Fund to switch management firms - from its sibling firm Pacific Financial Research to Davis Selected Advisors - might be a defining moment for the mutual fund industry, according to the Orlando Sentinel.

Kansas City, Mo.-based Clipper decided to take the highly unusual step because the longtime managers of the fund recently announced that they would leave the fund at the end of the year. But instead of allowing the fund's $6.6 billion in assets to simply fall into the hands of their replacements, which would probably be the soundest financial move for Clipper, the directors chose to not risk a potentially inexperienced management team and decided to go in an entirely different direction.

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