New York-based Davis Advisors said money manager Kenneth Feinberg will be departing the investment firm at the end of 2013, Bloomberg reported. Davis Advisors traces its origins to Shelby Cullom Davis, a Wall Street financier.

Information from its website describes Davis Advisors as an independent, employee-owned investment management firm. Established in 1969, they offer mutual funds, variable annuities, separately managed accounts and offshore funds to clients. They use the long-term investment approach to build wealth for their shareholders by employing a long-term investment approach. The firm puts a premium on performing rigorous research on the fundamentals of the company before making any investment.

Feinberg co-manages the $20.5 billion Davis New York Venture Fund and the $5.9 billion Selected American Shares, the report said. An open-end fund, the objective of the Davis New York Venture Fund is the growth of capital, Bloomberg information showed. It invests mainly in equity securities from firms with at least $10 billion market capitalization. Selected American Shares, meanwhile, is another open-end fund which seeks to achieve both capital growth and income. Bloomberg data showed that the fund invests at least 80% of its net assets in securities from American firms. It also invests in companies with at least $10 billion market capitalization.

Citing a letter to investors from Davis Advisors Chairman Christopher Davis, the report said Davis will remain as the co-manager of the funds. He will be joined with Danton Goei who has been with the firm for the past 15 years. Davis said Goei's research formed the foundation of many of the firm's successful investments.

In 2005, Davis and Feinberg shared the award for best US stock mutual fund manager given by Morningstar Inc. Bloomberg data showed that the Davis New York Venture fund has gained 15% each year in the past five years, beating 52% of its peers, the report said.