A team of managers that resigned last month from Delaware Management Holdings Inc. has formed a competing mutual fund company.

Chartwell Partners in suburban Philadelphia will offer a range of fund services, including institutional fund management, said Edward N. Antoian, a partner.

Mr. Antoian is former manager of Delaware Management's Delcap institutional fund, with $1.1 billion of assets under management.

Other partners in the firm include David Dalrymple, former manager of Delaware's $240 million-asset value fund; Bernard Schaffer, manager of two closed-end funds; and Terry Bovarnick, a large- and mid-cap fund manager.

In all, eight of 10 managers who resigned from Delaware March 20 have joined Chartwell. The other two-Hal Ofstie, former senior portfolio manager, and Wynn Jessup, an institutional rainmaker-have not said what they will do.

"We hope and expect they'll join" Chartwell, Mr. Antoian said.

Terms of the separation are still being negotiated by several managers, he said. "Compensation is not an issue, but there are departure issues," he added. "Until they're ironed out, I can't give any more details."

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