"It hasn't been as easy to pick off bargains as you might think or might like," Mr. Keithler of Berger Associates said.

At the Omni Investment fund, a bit of its shareholder-friendliness vanished after its acquisition in February by Berger Associates of Denver.

Following the sale of Berger Associates, he formed two charitable foundations, one for art education and another offering opportunities for young people to experience outdoor activities.

The newest entrant is Berger Associates.

Small-Cap Value will be managed by Berger Associates, Lazard Asset Management and Glenmede Trust.

It had just $35 million in assets when he sold it in 1996 to Berger Associates, which was in need of a small-cap value fund.

Berger Associates has raised minimum investments in its funds to $500 from $250.

A spokesman at Berger Associates said Mr. Linafelter, who could not be reached for comment, left "to pursue other business interests."

The company originally planned to include its 80 percent stake in Berger Associates, a fund company.

Right now, the company has about $25 billion in assets under management through its majority stake in Janus Capital Corporation and recent move to acquire most of Berger Associates.