Short Takes: Chase Fund Unit Hires Oppenheimer Manager

Chase Manhattan Bank's mutual fund unit has hired an Oppenheimer Funds Inc. portfolio manager to co-manage its flagship growth and income fund.

Diane Sobin, who will manage the Vista Growth and Income Fund with Greg Adams, is the most recent addition to the Vista Investment Services staff. Over the last two years, the mutual fund division has added about 30 investment professionals to its staff, said David Klassen, director of U.S. Equity Funds. Ms. Sobin reports to Mr. Klassen.

Before joining Vista last week, Ms. Sobin co-managed the $2.9 billion Oppenheimer Total Return Fund, which also has a growth and income investment objective. Her portfolio management experience also includes managing the Oppenheimer Gold and Special Minerals Fund. In addition, she was a senior portfolio manager at Dean Witter Discover Inc.

"We've been doing a good job of hiring and retaining people from good investment firms," Mr. Klassen said. The Vista funds use a hybrid investment management model, he said, combining a team portfolio management approach with the so-called "star" manager system.

"We try to have complementary skills for our co-managers," Mr. Klassen said. Ms. Sobin will add depth to the growth and income fund's management, he said.

The Vista Growth and Income Fund, which was started 10 years ago, has had an average 23.3% return since inception.