Philadelphia-based
Delaware Investments announced today that
David Downes has been named president and chief executive officer of the
Delaware Mutual Funds, replacing Delaware Investment's former chief executive officer,
Jeff Nick, who left in June. The company has not yet found a replacement for the chief executive officer position at Delaware Investments.
Downes, who is also executive vice president and chief
operating officer, has been at Delaware since 1992. He is responsible for Delaware Investment's financial, strategic planning, human resources, legal and other operations functions, including systems and the company's transfer agent.
Prior to joining Delaware, Downes was vice chairman, chief financial and administrative officer of
Equitable Capital Management Corporation, an investment subsidiary of
Equitable Life.
Delaware Investments had approximately $48 billion in
assets under management as of June 30, 1999. 
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