As a result of the departure of three of its key small-cap portfolio managers and the promotion of one of them, Henry Lange, to run its flagship Magellan Fund,
Kathy Lieberman left the firm this month, and Forrest St. Clair left in April. Paul Antico had been out on a six-month leave, but has just recently returned. Lange was promoted off the team in October.
"To see this much turnover is troubling in some respects," said Greg Carlson, an analyst with