Standish Small Cap Growth Loses Management Team

The team at Standish Small Cap Growth has flown the coop to join Lee Munder Capital, a new investment management firm created this month by Lee Munder, founder and former leader of Munder Funds.

Standish said it will recruit a new portfolio management team while other analysts at Standish Ayer & Wood run the funds in the interim.

Nicholas Battelle, who was lead manager for Standish Small Cap as well as for the Standish Small Cap Equity and Standish Small Cap Tax-Sensitive funds, will lead Lee Munder Capital's portfolio management team. Andrew Beja, co-manager of Standish Small Cap, has joined Lee Munder along with three other former Standish employees.

The Standish Small Cap Growth fund, which has $177 million in assets, was a top performer in 1999, racking up a 128% return. But it has cooled so far this year, off 0.9% through Aug. 18, trailing 66% of its peers. The fund, as well as the equity and tax-sensitive offerings, are for high rollers and institutions only, with a minimum investment requirement of $100,000.

Lee Munder Capital, which has offices in Boston and Palm Beach, Fla., is composed of several organizations that specialize in venture capital, hedging strategies, separate account management and mutual funds. Lee Munder Investments Ltd. is the investment adviser entity within Lee Munder Capital that staffs analysts and portfolio managers to cater to the firm's individual and institutional clients.

Most of Lee Munder Investment's strategies emphasize investments in technology, telecom, healthcare and business services. Lee Munder Capital is not associated with Munder Funds.