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Co-founders Resign from Suburban Philadelphia's Pilgrim Baxter & Associates.

By Pradnya Joshi, Newsday, Melville, N.Y. Knight Ridder/Tribune Business News

Nov. 14--They were once dubbed the "Wizards of Wayne," but that magic has now disappeared.

Pilgrim Baxter & Associates, a one-time media darling that posted spectacular returns during the bull market, announced yesterday that its two co-founders -- Gary Pilgrim and Harold Baxter -- have resigned after an investigation involving improper trading.

The news comes at a bad time for the suburban Philadelphia firm, which has undergone turmoil in the wake of the bear market

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