Clipper Fund Retains Wilshire Associates.BEVERLY HILLS Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. , Calif. -- Clipper clipper, type of sailing ship, designed for speed. Long and narrow, the clipper had the greatest beam aft of the center; the bow cleaved the waves; and the ship carried, besides topgallant and royal sails, skysails and moonrakers—a veritable cloud of sails. Fund, Inc. ("the Fund") announced today that the Fund has retained Wilshire Associates Incorporated, a global investment consulting, investment management and investment technology firm, to assist the independent directors of the Fund in their evaluation of Barrow barrow, in archaeology barrow, in archaeology, a burial mound. Earth and stone or timber are the usual construction materials; in parts of SE Asia stone and brick have entirely replaced earth. A barrow built primarily of stone is often called a cairn. , Hanley, Mewhinney & Strauss, Inc. ("BHMS BHMS Bachelor of Homoeopathic Medicine and Surgery (degree; India) BHMS Black Hawk Middle School BHMS Bloomfield Hills Middle School (Bloomfield Hills, MI) BHMS Bernardo Heights Middle School ") and other alternatives for management of the Fund. As the Fund reported to shareholders on September 30, the independent directors are conducting the evaluation following the announcement by the Fund's investment adviser, Pacific Financial Research, Inc. ("PFR"), of its intention to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. with BHMS, an affiliated company, on or about January 1, 2006. The reorganization is part of a succession planning Management Succession Planning In organizational development, succession planning is the process of identifying and preparing suitable employees through mentoring, training and job rotation, to replace key players — such as the chief executive officer (CEO) — process to address the recent decision of three of the six principals of PFR and portfolio managers of the Fund, James H. Gipson, Michael C. Sandler and Bruce G. Veaco, to leave PFR on December 31, 2005. "With the assistance of Wilshire, a highly regarded investment services firm with extensive experience in the evaluation of investment managers, we expect to complete a thorough review of alternatives for the Fund by mid-November," said Norman Williamson, independent chairman of the Fund's board of directors. "We continue to work productively with PFR and its parent company Old Mutual Asset Management to ensure uninterrupted portfolio management for the Fund, and look forward to communicating our recommendations to shareholders when our review is completed." "We appreciate the commitment of the independent directors to explore all options to serve the best interest of Clipper Fund shareholders, and our firms will support their efforts in any way we can," said Scott Powers, chief executive of Old Mutual Asset Management, the parent company of both PFR and BHMS. "While the directors' review is being conducted with the assistance of Wilshire, all members of the PFR investment team are continuing in their current roles managing the Fund." About Wilshire Associates Wilshire Associates is a leading global investment technology, investment consulting and investment management firm with four distinct business units: Wilshire Funds Management, Wilshire Analytics, Wilshire Consulting, and Wilshire Private Markets. The firm was founded in 1972, revolutionizing the industry by pioneering the application of investment analytics and research to investment management for the institutional marketplace. Wilshire also is credited with helping to develop the field of quantitative investment analysis that uses mathematical tools to analyze market risks. Based in Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , CA, Wilshire's more than 300 employees provide services to clients in more than 20 countries representing in excess of 600 organizations with assets totaling more than $12.5 trillion. With eight offices on four continents, Wilshire Associates and its affiliates are dedicated to providing clients with the highest quality counsel, products and services. More information on Wilshire is available at www.wilshire.com. About Clipper Fund, Inc. Clipper Fund, Inc. (Ticker ticker An automated quotation system on which security transactions are reported after they occur on an exchange floor. Even though the newer systems are electronic and no longer actually tick, the name of the old mechanical device has stuck. : CFIMX) is a non-diversified, open-end management investment company with shares offered for sale in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The objective of the Fund is to provide long-term capital growth and capital preservation. The Fund's investment adviser, Pacific Financial Research, Inc., seeks to invest the Fund's assets primarily in common stocks of large U.S. companies that are trading at prices significantly below PFR's estimate of their intrinsic values Intrinsic Value 1. The value of a company or an asset based on an underlying perception of the value. 2. For call options, this is the difference between the underlying stock's price and the strike price. . More information on the Fund is available at www.clipperfund.com. About Old Mutual Asset Management The member firms of Old Mutual Asset Management provide high-quality, actively managed investment products in all major asset classes and investment styles, with each firm focusing on its own specialized area of expertise. The group's parent is Old Mutual plc, an international financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company based in London, with operations in asset management, life assurance, banking and general insurance. More information on Old Mutual Asset Management member firms, and their investment teams and strategies, is available at www.oldmutualus.com. |
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