US Trust has parted company with Richard Coons, who had been senior v.p. and head of high-yield in charge of the $189 million Excelsior Fund. Coons is a well known figure in the high-yield community, having worked as a sell-side trader at both Goldman Sachs and Morgan Stanley. He had spent three years at US Trust. He declined comment. A company spokeswoman declined to comment further than to say he has left.
The Excelsior Fund ranked ninth in its class out of 367 funds through May 29 according to Lipper, Inc., which ranks mutual fund performance. Last year, however, it was 367th out of 373.
It could not be determined who will take over management of the fund. One person close to the situation believes it will be turned over to the high-grade portfolio manager, whose name could not be learned. Rod Ratcliffe, the other portfolio manager who had reported to Coons, remains at the firm. He declined comment.