Storied stock-picker Michael Price is handing off the day-to-day operations of his Franklin Mutual Series Funds at yearend, the fund said Tuesday.

Mr. Price, who is best known in banking circles as the shareholder activist who pressured Chase Manhattan Corp. and Chemical Bank Corp. to merge, will become chairman of Franklin Mutual on Nov. 1; Peter Langerman, now chief operating officer, will become chief executive.

"Although I won't be doing the everyday stock picking, I will continue to be a part of the organization," said Mr. Price in a prepared statement. The Franklin Fund currently has about $30 billion of assets under management.

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