Munder Capital Management has been appointed to manage the $100 million Amerindo Technology D Fund, whose previous managers were jailed on charges they misappropriated a client's funds, Munder Capital said in a regulatory filing on Monday.
Effective June 3, Birmingham, Michigan-based Munder Capital, which manages $36.7 billion in assets, will assume day-to-day management of the Amerindo fund, the filing said.
Last week, the board of
U.S. prosecutors filed a complaint nearly two weeks ago accusing investors Vilar and Tanaka of spending a client's funds. As a result, the board appointed Dana Smith, chief compliance officer, as acting president and froze the sale of fund shares.
A judge appointed a lawyer to monitor Amerindo after the Commission said a receiver should be appointed. Additionally, the fund's auditors have been retained to conduct a special audit of the fund in light of the transgressions.
Attorneys for both men have denied the charges.