Shifting Focus on Retirements and Focus Shifts
Patrick P. Coyne, managing director and head of equity investments for Delaware Investments, has stepped down as co-manager of several Delaware funds to "focus on other responsibilities" at the company.
He has left Delaware Investments' Florida Insured Municipal Income Fund, Minnesota Municipal Income Fund, Minnesota Municipal Income Fund II, and Minnesota Municipal Income Fund III. The funds will be managed by Joseph R. Baxter, Robert F. Collins and Denise Franchetti, who have already been co-managing the funds anyway.
In other news, Jerry Frey will retire as managing director and chief investment officer for growth investing. Marshall Bassett, a 19-year veteran, will assume his duties. Frey will officially retire in September, and in the meantime groom Bassett, with whom he has worked with for eight years.
Prior to joining Delaware in 1997, Bassett had served as a vice president in emerging growth at Morgan Stanley Asset Management, where he was charged with analyzing small growth companies.
Delaware also announced that Steven T. Lampe, who has been working for the company's healthcare sector team since 2001, will return to the financial services side, specifically to the emerging growth team. He will now serve as co-portfolio manager of the American Services Fund and the DPT Mid-Cap Growth Equity Fund, among others.
"Steve really grew up in the financial services area," Coyne said. "And he has a real passion for it, so it's terrific to have him back leading that team."