Mark Cuneen, who took
reins just over a month ago, has dropped the struggling small-cap growth fund to run two others at
At his new shop, Cuneen will run
Frontier and co-manage
Global Smaller Companies. He's replacing Arsen Mrakovcic, who took over Frontier in 1995 and was routinely throttled by the competition, according to
. The global fund has a solid record, but the fund was, and will continue to be, co-managed by Iain Clark.
Mrakovcic will officially leave Seligman at the end of this month, according to a company spokeswoman.
For shareholders of the $1.5 billion Quasar, being spurned by Cuneen after just one month of work is only the latest indignity. The fund lags at least 75% of its peers over the past one-, three-, five- and 10-year periods, according to Morningstar. And last year when the average small-cap growth fund rode tech stocks to a more than 60% return, Randy Haase (the manager Cuneen replaced) didn't stock up on tech names and could only manage a 13% return.
Cuneen had a taste for tech stocks when he ran
AIM Small Cap Growth from April 1997 to September 1998, and Alliance hoped he could revive the sputtering fund. Bruce Aronow, part of Cuneen's team, will take over. He followed Cuneen from
, where he was a small-cap analyst. He has no record as a fund manager, but that could be good for shareholders since the fund has nowhere to go but up and a rookie might be more motivated to stick around and make a name for himself.