Deals & People April 11, 2011

Manulife Names Managing Director, Institutional Sales

Manulife Asset Management announced Chad Gross will be taking on the role of Managing Director, Institutional Sales.
Reported by

Gross joined the firm on March 28 and is based in Denver. He will report to Frank Saeli, Global Head of Sales and Relationship Management.

Gross will be responsible for institutional sales and business development on the west coast. He joins Manulife from Janus Capital Group, where was vice president of institutional sales, responsible for new business development in the western U.S. for Janus, INTECH and Perkins.  

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Prior to that, Gross spent seven years as an aviation officer in the U.S. Army, where he was awarded a Bronze Star for his service in Iraq. He holds a Bachelor of Business Administration, Marketing from Texas Tech University.

Products April 11, 2011

GoodHaven Capital Management Unveils Fund

GoodHaven, a registered investment adviser (RIA), launched the GoodHaven Fund with a focused portfolio management strategy and a flexible mandate.
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The founders and portfolio managers of the GoodHaven Fund are Larry Pitkowsky and Keith Trauner. According to the announcement, the fund managers will focus on: free cash flow; a strong balance sheet; products or services that fill basic human needs or wants; owner/managers with demonstrated skill in capital allocation; participation in stressed industries; potential for long-term growth; and a demonstrated ability to increase prices. The fund may also have fixed-income investments or cash holdings on occasion. 

The minimum initial investment is $10,000 for regular accounts and $2,500 for retirement, tax-deferred and UGMA/UTMA accounts.

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Pitkowsky and Trauner founded Goodhaven Capital Management last year (see “Former Fairholme Fund Managers Form New Firm“). Trauner has more than 30 years of research and portfolio management experience; Pitkowsky has more than 20 years.

Pitkowsky started at Fairholme in 1999 and was a Portfolio Manager with the Fairholme Fund from 2002 to 2007; he was also a member of the firm’s portfolio management team from 1999 until 2007. He held various other positions, including CEO of FCM Services, an affiliate of Fairholme. Prior to Fairholme, Pitkowsky worked at Paine Webber as a VP of Investments and Portfolio Manager. He received his B.S. in Accounting from Rutgers University.

Trauner joined Fairholme in 1999 and was a Portfolio Manager of the Fairholme Fund from 2006 to 2008. He also served as a Senior Analyst, Portfolio Manager, and Chief Financial Officer of the firm. Trauner was also an Officer and Director of Fairholme Funds, Inc., parent company of the Fairholme Fund. Prior to Fairholme, he received his B.A. in History from Middlebury College.

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