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Rating:Phoenix Gets Hostile Advisory Bid Not Rated 4.4 Email Routing List Email & Route  Print Print
Monday, May 14, 2007

Phoenix Gets Hostile Advisory Bid

by: Sean Hanna, Editor in Chief

Charles Jaffe thinks that it is too bad that there are no hostile takeovers in mutual funds. What got the columnist on the topic? Well, TFS Capital is putting some hostile moves on Phoenix's $66 million Market Neutral Fund. Last month TFS Capital's Richard Gates mailed off a letter to the Phoenix fund's board in which he offered to manage the assets. Why, because he claims he is a better portfolio manager. "In all other industries, there is competition and people bidding for services," Gates told Jaffe. "All we want is to open up the mutual fund business to a little competition. They have almost nine years of track record, ample opportunity to display their talents or lack thereof. We’re not expecting a boondoggle; we’re confident that if the board searched for a new manager - and picked us from the competition - we could go in there, add value, and make the shareholders better off." 

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