PBHG Manager Resigns to Form Hedge Fund

Another high-profile mutual fund manager has jumped ship to launch a hedge fund, the Web site Morningstar.com reported.

Jeff Wrona resigned as manager of the battered PBHG Technology & Communications and PBHG Core Growth funds; his last day was Tuesday, Morningstar said. No details on his hedge fund were available.

PBHG Tech & Communications lost 75.8% in the 12 months ended Monday. The $1.2-billion fund was down 35.5% year-to-date.

The $79-million PBHG Core Growth fund lost 62.6% and 34.6% in those same periods, respectively.

A federal filing by PBHG on Tuesday said a team headed by Michael Ma, currently manager of PBHG Global Technology & Communications, will run the Technology & Communications fund starting today, and a team headed by Gary Pilgrim, who runs the $3-billion PBHG Growth fund, will manage Core Growth.

Known for its aggressive-growth style, PBHG has been pummeled by the bear market of the last year. But the firm has performed well in the past when that investing style has been in favor.