Northern Trust Corp. of Chicago plans to offer its first small-cap growth funds.
The first portfolio, a small-cap growth collective fund for pension plan clients, is to be started this month. A mutual fund with a similar strategy is to follow within six months.
The collective fund is being created for a Northern Trust institutional client, a spokeswoman said, and other pensions are expected to invest.
The funds will be managed by David H. Burshtan, who returned to Northern Trust May 18 from Scudder Kemper Investments Inc.
As a portfolio manager in the Chicago office of New York-based Scudder Kemper, Mr. Burshtan assisted Kurt Stalzer, the lead portfolio manager of the Kemper Small Capitalization Equity Fund.
Mr. Burshtan was also responsible for that fund's variable annuity subaccount and worked on teams with Scudder fund managers. A spokeswoman said Mr. Burshtan's post would not be filled. "Everything's in place," she said. "It's a smooth transition."
During a two-year stint at Northern Trust that ended in 1995, Mr. Burshtan managed the Northern Growth Equity Fund, which focuses on large- cap stocks. That mutual fund is now managed by John Zielinski, and Northern's value-style Small Cap Fund is managed by Susan J. French. -