Pilgrim Baxter & Assoc. added three funds to the 16 it offers under the PBHG moniker: PBHG Clipper Focus, PBHG New Perspective and PBHG REIT. The funds were formerly part of the UAM Funds group.
PBHG Clipper Focus has a long-term capital growth focus and is sub-advised by Pacific Financial Research. It was opened in Sept. 1998 and had $319 million in assets as of Dec. 13. PBHG New Perspective, sub-advised by NWQ Investment Management Co., follows a long-term capital appreciation style. Opened in Nov. 1997 as UAM NWQ Special Equity, it had assets of $20 million. PBHG REIT Fund is sub-advised by Heitman/PRA Securities Advisors, invests in real estate companies, including REITs. The fund, opened in Mar. 1989, has $80 million in assets and was formerly known as UAM Heitman Real Estate.
The funds' sub-advisers are affiliated with Old Mutual plc, Pilgrim Baxter's parent company, which bought United Asset Management in 2000 for $2.2 billion.