Fund Manager Quits in Dispute With Board

Money manager Louis Navellier said he resigned as manager of an equity mutual fund that bears his name after a disagreement with the fund’s three independent trustees. Navellier said he wanted to merge the assets of his $160-million Navellier Series--Aggressive Small Cap Equity Portfolio with a newly created fund called the Navellier Aggressive Small Cap Portfolio. However, the trustees requested more information about it before making a decision, said Roy Adams, who represents the trustees. No new information was provided until March 5, when Navellier filed a proxy statement to the Securities and Exchange Commission, Adams said. The trustees of the Navellier Series fund were willing to consider the proposal, but “we were never comfortable with our ability to make an informed and reasonable decision,” trustee Donald Simon said. Navellier, who met with the fund’s trustees Thursday, said he resigned because he could “no longer work with the board.” He also said the several thousand shareholders who own shares of the fund will still get a chance to vote on the proxy. Boston-based MFS Investment Management will take control of the fund on Monday.