Turner Investment Partners Announces Expansion

Berwyn, PA, March 7, 2002 -- Turner Investment Partners today announced several initiatives including the enhancement of one investment team and the addition of another, the launch of new Turner mutual funds, and a strategic alliance in distribution. The two new investment teams specialize in (1) a blended small cap core/value domestic equity style and (2) fixed income securities. In addition to institutional separate account offerings, the small cap core/value equity team will manage two new mutual funds, which are effective immediately. In addition, Turner Investment Distributors will act as sub-distributor for up to six mutual funds from two other fund families, three with a value focus and three others with a growth bias.

"Our expansion announced today is part of our long-term strategic plan," said Stephen J. Kneeley, President of Turner Investment Partners. "We have structured Turner into an investment management company with top-tier product diversity, depth of management, and distribution: qualities we feel are essential to our long-term success and independence. These moves reinforce our goals of expanding our product offerings as well as the number and scope of distribution and business services alliances, to ensure that our investment teams can continue to focus on their core objective -- performance."

Turner Investment Partners' Structure
Turner Investment Partners is made up of three units:

  • The investment management unit comprises three separate teams (growth equity, small cap core/value equity, and fixed income). Each unit operates independently with its own area head. Robert E. Turner, who leads the growth equity team, remains Chairman and Chief Investment Officer of the firm.

The other two units fall under Mr. Kneeley in his role as President of the firm.

  • The distribution unit, comprised of four channels and marketing services, is responsible for the distribution of Turner's investment products through separate accounts and mutual funds, as well as the formation of strategic distribution alliances.

  • The business services unit, co-managed by John H. Grady, Chief Operating Officer and General Counsel, and Tom Trala, Chief Financial Officer, supports the other teams with legal and operational infrastructure.

"Our goal is to strike a balance between investment management, business services and distribution," said Mr. Grady. "This diversity of businesses will help us stabilize revenue streams during various market cycles. It includes separate marketing and business services organizations housed under the Turner umbrella, which we can leverage across product lines and channels. In addition, we can leverage our distribution capability by making it available to money managers who, like Turner, want to grow their businesses but also want their investment teams focused on investments. These platforms are independent within Turner. They will enable us to build, buy, or support in a variety of ways additional investment products."

Expanded Investment Capability
"With the addition of these investment professionals, we now offer growth equity, small cap core and value equity, and domestic fixed income management, " said Mr. Kneeley. "We are committed to offering a fully diverse range of investment products, and we anticipate adding investment teams with expertise in other areas as well."

Turner's new investment professionals are:

  • Small cap core/value equity portfolio managers Thomas DiBella and Kenneth W. Gainey, who joined Turner on March 5, 2002, from Aeltus Investment Management, where they managed the Aetna Small Company Fund.
  • Fixed income portfolio managers Roger Early and Paul Matlack, who joined Turner on March 4, 2002. Mr. Early, who will assume the post of chief investment officer for fixed income, was most recently vice president and senior portfolio manager at Rittenhouse Financial Services. He and Mr. Matlack worked together in the fixed income department at Delaware Investments. Turner Investment Partners’ fixed income offerings include the following mutual funds: Turner Core High Quality Fixed Income Fund (THQFX), Turner Short Duration Fixed Income Fund (TSDGX), and Turner Ultra Short Duration Fixed Income Fund (TSDOX). Fixed income institutional separate strategies include: Core High Quality and Short Duration. Core Plus and High Yield strategies will be launched shortly.

New Turner Mutual Funds Launched
Turner's small cap core/value team will manage the following two new actively-managed funds, effective immediately:

  • Turner Small Cap Equity Fund: a blended portfolio of growth and value stocks of small companies, mainly with market capitalizations of less than $1.5 billion.
  • Turner Small Cap Value Opportunities Fund: a portfolio of value stocks of small companies. Turner also offers value funds which are sub-advised by Pittsford, New York-based Clover Capital Management: Turner Small Cap Value Fund (TCSVX), which closed to new investors on December 28, 2001, Turner Mid Cap Value Fund (CCEVX) and Turner Large Cap Value Fund (TLCVX).

Expanded Distribution Capability
Turner has expanded its distribution capability by entering into two distribution-related arrangements for mutual funds.

  • Turner will serve as sub-distributor for C&B Portfolios, value-oriented funds managed by Cooke & Bieler, a Philadelphia-based investment advisor. The three C&B mutual funds: C&B Large Cap Value Fund (CBEQX), C&B Mid Cap Value Fund (CBMDX), and C&B Tax-Managed Value Fund (CBTAX), are separate portfolios of The Advisors Inner Circle Fund.
  • Turner will also market and distribute the three Chesapeake Funds, growth-oriented funds managed by Gardner Lewis Asset Management LP, another Pennsylvania-based investment advisor. The three Chesapeake Funds: Chesapeake Aggressive Growth Fund (CPGRX), Chesapeake Core Growth Fund (CHCGX), and Chesapeake Growth Fund (CHEAX), are separate portfolios of the Nottingham Investment Trust.
  • In its capacity as sub-distributor, Turner will provide distribution assistance and market the funds to intermediaries, including financial advisors, bankers, brokers, and 401(k) plan administrators.