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NEW YORK (CNN/Money) -
Amerindo Funds Inc., which saw two of its top executives charged with fraud last month, has named a new fund manager for its once high-flying technology fund.
The mutual fund firm's independent directors named money management firm Munder Capital Management to run Amerindo Technology Fund, the company announced.
The fund's co-founders, Alberto Vilar and Gary Tanaka, were charged last month with fraud for allegedly stealing millions in client funds for personal use.
Vilar, who is ranked 327th on Forbes' list of wealthiest Americans with an estimated personal net worth of nearly $1 billion, gained recognition in recent years for charitable contributions.
But his technology fund, which reported a 249% return in 1999, posted average losses of 17 percent a year from 2000 through 2004, according to the Wall Street Journal.
The New York Times reported the fund's problems forced him to delay some of his promised contributions.
The company's independent directors said Michigan-based Munder, with more than $36 billion in assets under management, will assume day-to-day management of the fund right away.
The Journal reported Tuesday that a federal judge has appointed a monitor to safeguard assets managed by Amerindo Investment Advisors, which oversaw about $921 million as of March 31, $100 million of that in the technology fund.
In addition to the criminal charges, the SEC filed civil charges against the two men.
For a closer look at Vilar's rise and fall, click here.
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