When their time comes and their track record is impressive, a mutual fund manager typically leaves their current firm to start a hedge fund. But contrary to the prevailing trend, David Winters, the former chairman and CEO of Franklin Mutual Series Funds in Short Hills, N.J., decided to start a mutual fund.

In a recent interview with the Daily Record of Parsippany, N.J., Winters said he chose the unconventional route for his Wintergreen fund because, "I love managing money for individuals as well as for institutions. I like to take a long-term perspective. And I wanted to run an active fund, not one of those index-hugging funds."

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