8 star managers who flew the coop

5 of 8

Don Yacktman

Previous gig: The value investor made a name for himself as the manager of Selected American Shares, where he cultivated his strategy of investing in large, out-of-favor companies. Assets grew to $400 million, and in 1991, Morningstar named him fund manager of the year.

Why he split: When the brokerage that owned Yacktman's fund was purchased by financial-services firm Kemper the manager he clashed with his new bosses and left in 1992. He Yacktman started his own firm that year.

Today: After years of ups and downs, including an attempted ouster by his own board, Yacktman is riding high: His eponymous fund (YACKX), which has $1.7 billion in assets, finished in the top 2% of its category in 2008 and the top 1% last year. Morningstar nominated him for domestic fund manager of the decade last year.

NEXT: David Corkins