Gary Pilgrim Steps Down as CIO, Will Continue as Firm's President

Portfolio manager Michael Sutton has been appointed Chief Investment Officer of Pilgrim Baxter and Associates effective immediately, the company announced today.

Sutton will succeed Gary Pilgrim, the firm's co-founder, who will continue to oversee the firm as its president. Pilgrim will also continue managing certain portfolios, including the PBHG Growth and New Opportunities Funds, as well as overseeing the team managing the PBHG Core Growth Fund.

Sutton's new duties will include evaluation of the company's overall investment policies and analytical resources, managing and monitoring portfolio risk and assisting with product development. Sutton will also continue to serve as portfolio manager for the PBHG Large Cap Growth, Large Cap 20 and Select Equity funds.

Sutton joined Pilgrim Baxter in September 1999, after serving as a portfolio manager for Loomis, Sayles & Co. and Stein, Roe and Farnham.

Pilgrim Baxter managed more than $15 billion in assets for institutional and private investors as of June 30 this year, according to a company statement.

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