Feinberg Departs as Co-Manager of Davis New York Venture Fund

Dec 18, 2013 5:01 pm ET

Dec. 18 (Bloomberg) -- Davis Advisors, a New York-based investment firm that traces its roots to Wall Street financier Shelby Cullom Davis, said money manager Kenneth Feinberg will leave at the end of the year.

Feinberg is co-manager of the $20.5 billion Davis New York Venture Fund and the $5.9 billion Selected American Shares. Christopher Davis, the chairman of Davis Advisors, will continue as co-manager of the funds and be joined by Danton Goei, who has worked with the firm for the past 15 years, Davis wrote in a letter to investors yesterday.

Goei’s “research has been the foundation of many of our successful investments,” Davis wrote in his letter.

Davis and Feinberg shared Morningstar Inc.’s award for best U.S. stock mutual-fund manager in 2005. The Davis New York Venture fund has advanced 15 percent annually over the past five years, ahead of 52 percent of rivals, according to data compiled by Bloomberg.

Davis followed his father and grandfather into the money- management business. The firm was founded in 1969 by his father, Shelby M.C. Davis, and traces its roots to Wall Street investor Shelby Cullom Davis, who started his investment career in 1947 with $100,000.

--Editors: Sree Vidya Bhaktavatsalam, Josh Friedman