Chase Manhattan Corp. has tapped two in-house executives to replace a heralded money manager who stepped down last week.
The manager, Mark Tincher, had overseen domestic equity investment for Chase's Vista mutual fund family the past seven years.
In this capacity, Mr. Tincher was a leader of portfolios that have been a major source of assets for the Vista family. Two - the Vista Capital Growth fund and the Vista Growth and Income fund - have been acclaimed by magazines and mutual fund researchers for top-notch performance.
The domestic equity funds Mr. Tincher oversaw for New York-based Chase now have about $3 billion of the Vista family's $8.1 billion of assets.
David A. Klassen, who had been sharing management of the Capital Growth fund with Mr. Tincher, will replace him as head of domestic equity investments and research.
Mr. Klassen also will be the sole manager of the Vista Capital Growth fund.
A Chase money manager since in 1992, Mr. Klassen spent the previous 11 years at Dean Witter Reynolds, where he managed portfolio managers and ran mutual fund portfolios.
Gregory S. Adams, who joined Chase in 1987 and now manages three of the banking company's mutual fund portfolios, will co-direct the Vista Growth and Income fund with another money manager to be appointed soon, a spokesman said.
Mr. Adams also runs a computer program that helps the banking company's money managers select domestic stocks.
Mr. Tincher left Chase to direct equity investments at PaineWebber Inc.'s mutual fund arm.
Although industry observers said Mr. Tincher's departure could be a blow, Chase executives downplayed it, saying the equity operation is in good hands.
Mr. Klassen and Mr. Adams "have been outstanding performers and critical members of the equity funds management team," said James W. Zeigon, executive vice president of private banking and asset management at Chase.
"They are excellent choices to lead this business into the future," Mr. Zeigon said.
