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PBHG

is giving investors some calm in the wake of the departure of a popular fund manager and a technology rout that hit its tech-heavy offerings particularly hard.

The Oaks, Pa.-based firm on Tuesday named its president, Gary Pilgrim, to permanently lead

(PBNOX)

PBHG New Opportunities, a fund that was returning more than 800% on an annual basis at its peak earlier this year.

The fund had been managed by Frank "Quint" Slattery. But he left April 10 to start a hedge fund with two former analysts from

Credit Suisse First Boston

.

Also Tuesday, PBHG said Michael Sutton, a portfolio manager on the

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Large Cap 20 and

(PBHLX)

Large Cap Growth funds, has taken on

(PBHEX)

Select Equity, another fund Slattery had managed. Since Slattery stepped down, Pilgrim has been leading a team that managed both of his old funds.

These moves are intended to lend some stability to the PBHG family, which is facing steep challenges. Aside from the recent management shakeup, the funds are also under pressure to perform.

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PBHG had been the beneficiary of investors' love for technology earlier this year. Its funds attract a lot of assets when they are hot. However, when performance cools, so do investors. In the first two months of the year, technology shares went through the roof and PBHG took in $1.7 billion, according to

Financial Research

.

More recently, those hard-charging funds have gotten hit more than most due to their reliance on highly volatile stocks.

New Opportunities

has given up 44.8% of its gains in the past month, according to

Morningstar

. Nevertheless, it is still the top-rated fund in the mid-cap growth category.

Not Afraid of the Tech Wreck

Undaunted by a 31% slide in the

Nasdaq Composite Index

,

Oppenheimer

has launched a new fund solely to buy the very stocks that have been punished in recent weeks.

The

Emerging Technologies

fund started trading on Tuesday, a day when technology issues were tamer than they have been in weeks. The fund's definition of emerging technologies is pretty vast, and manager Bruce Bartlett plans to aggressively pursue unexplored areas of the economy.

According to the prospectus, the fund will initially invest in companies that provide increased bandwidth. But the fund also has the go-ahead to buy stocks in such areas as photonics (the transmission of data using light instead of electrical impulses), telecommunications, wireless, computer software and hardware, and voice, video and data systems.

The broker-sold fund comes with a maximum up-front sales charge of 5.75% on class A shares, which carry annual expenses of 1.52%.

See Monday's

Fund Openings, Closings, Manager Moves.