Amerindo Hires Manager for Its Fund

The board of Amerindo Investment Advisors Inc., the money management firm whose founders have been charged with stealing client funds, said Monday that it had hired Munder Capital Management to oversee its sole mutual fund.

Amerindo founders Alberto Vilar and Gary Tanaka were arrested last month and jailed. New York-based Amerindo removed Vilar, 64, and Tanaka, 61, as managers of the $103-million Amerindo Technology fund and said it was cooperating with the government’s investigation of the men.

The Amerindo Technology Fund prospered during the stock market boom of the late 1990s by taking stakes in companies such as Cisco Systems Inc. and Yahoo Inc. From 2000 to 2002, the fund lost more than 90% of its value and has fallen 17% this year after gaining 24% in 2004.