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Thursday, January 28, 2010

Jensen's Chairman Plans His Retirement

News summary by MFWire's editors

Jensen Investment Management chairman and portfolio manager Robert Millen plans to retire at the end of February next year. Jensen notified clients of Millen's plan late Wednesday (see the letter below).

Robert Millen
Jensen Investment Management
Chairman
The company has not decided at this time whether it will name a new chairman when Millen departs, Dave Mertens, head of sales and marketing, told The MFWire.

"The way that we run the business does not require that we have a chairman or CEO because decision-making is handled by the team," Mertens explained.

Millen, who celebrated his 63rd birthday two weeks ago, is one of six owners of Lake Oswego, Portland-based Jensen. He joined Jensen in 2000 and became chairman in 2003.

Many of Millen's client relationships will be handled by portfolio managers Rob McIver, who serves as president, and Robert Zagunis, chairman of the investment committee.

Also, Eric Schoenstein, principal and director of business analysis, will take on some of Millen's client relationships as he transitions to a portfolio manager role while retaining significant research responsibilities, according to the announcement.

Jensen manages a total of $3.3 billion of assets, including $2.3 billion in its mutual fund, the Jensen Portfolio.

Prior to joining Jensen in 2000, Millen worked at Principal Financial Group, Wellmark Inc., and First Interstate Bank.
Jensen Investment Management Quarterly Update

We want to advise you of a future management transition at Jensen Investment Management. Although an important transition will be taking place, the executives at Jensen, both former and current, have spent considerable time and effort to assure the long-term sustainability of the firm and continued adherence to the firmís hallmark investment philosophy and methodology.

Robert (Bob) Millen, Chairman of Jensen Investment Management and a member of the Investment Committee for the firm as well as The Jensen Portfolio, will retire during the first quarter of 2011 at age 64. The transition of Bobís responsibilities has been well planned and will take place gradually over the coming twelve months. As with previous retirements of Jensen Investment Team members, this transition will not change our quality investment management discipline or the investment advice we provide.

Bobís leadership responsibilities will be divided among senior team members and Jensen will continue to be led internally by a senior management board working closely to set the firmís overall strategy.

Many of Bobís client relationships will be transitioned to existing Jensen Portfolio Managers Rob McIver, President and Robert Zagunis, Chairman of the Investment Committee. In addition, Eric Schoenstein, Principal and Director of Business Analysis, will assume a number of Bobís client relationships as he transitions to a Portfolio Manager role while retaining significant research responsibilities.

Rob McIver has 23 years of experience in the management and operations of an investment advisory business and is a member of the Investment Committee for the firm and The Jensen Portfolio, where he serves as the fundís President. Robert Zagunis has been a member of the Investment Committee for the firm and The Jensen Portfolio since 1993 and has over 33 years of experience in finance and investment management. Eric has served on the Investment Committee for seven years and has 22 years expertise in finance, accounting and investments.

As for the rest of Jensenís senior executives, Kurt Havnaer, analyst, with 22 years of investment experience, will continue in his present role at Jensen and has served on the Investment Committee for two years. Allen Bond and Kevin Walkush will continue to serve on the Investment Team as analysts. Adam Calamar has been promoted to analyst on the Jensen Investment Team.

Brian Ferrie, Principal, CFO and Chief Compliance Officer for Jensen for the past six years, with 23 years of industry experience, will continue to oversee the financial health and regulatory aspects of the firm. Dave Mertens, having seven years with Jensen as Principal, Sales & Marketing, and 27 years of expertise within the industry, will continue to manage the delivery of services to clients, including shareholders of The Jensen Portfolio.
 

Edited by: InvestmentWires Staff, 


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