Wednesday, June 10, 2009
HighMark Keeps Ziegler Thinking Small
Reported by Neil Anderson, Managing Editor
just completed its adoption of the $619 million (as of June 1) North Track
family of funds, and already HighMark is planning another new fund. On Tuesday San Francisco-based HighMark confirmed the completion of the North Track deal while revealing the planned launch of a new small cap mutual fund sub-advised by North Track sub-advisor Geneva Capital Management
A spokesman for HighMark told The MFWire
that the new fund is scheduled for release on Friday.
HighMark (a Union Bank subsidiary) and former North Track advisor Ziegler Capital Management
first unveiled the North Track funds' move in February after courting since November (see MFWire, 2/17/2009
). As part of the North Track deal, Chicago-based Ziegler will stay on as sub-adviser to the former North Track Equity Income Fund
, the North Track NYSE Arca Tech 100 Index Fund
and the North Track Wisconsin Tax-Exempt Fund
(now re-branded as the HighMark Equity Income Fund
, the HighMark NYSE Arca Tech 100 Index Fund
and the HighMark Wisconsin Tax-Exempt Fund
, respectively), while Geneva will continue to sub-advise the North Track Geneva Growth Fund
(now called the HighMark Geneva Growth Fund
HighMark Capital Management president and CEO Earle Malm
praised Geneva and Ziegler as two solid additions to HighMark's "high-quality list of sub-advisory firms."
As for four other long-term North Track Funds, HighMark revealed that they will be collapsed into existing HighMark funds, while the North Track Cash Reserve Fund
is being liquidated.
Company Press Release
SAN FRANCISCO & CHICAGO - Based on shareholder approval, the Board of Trustees of the HighMark Funds and the Board of Directors of the North Track Funds have announced the completion of the reorganization of the North Track mutual fund family, its assets and liabilities, into the HighMark Fund family.
With the close of the transaction, shareholders of the former North Track Wisconsin Tax-Exempt Fund, North Track Equity Income Fund, North Track NYSE Arca Tech 100 Index Fund, and North Track Geneva Growth Fund have been transferred into newly-organized HighMark Funds to which HighMark Capital Management, Inc. will be investment adviser and administrator.
The remaining four long-term funds currently offered by North Track were reorganized into existing HighMark Funds. Collectively, the assets in the transferring North Track Funds represented approximately $614 million on June 1, 2009.
Ziegler Capital Management, LLC, the current investment advisor for the North Track Funds, has been retained as sub-advisor to the new HighMark Wisconsin Tax-Exempt Fund, HighMark Equity Income Fund and HighMark NYSE Arca Tech 100 Index Fund. Geneva Capital Management, Ltd., the current sub-advisor to the Geneva Growth Fund, will continue to act as sub-advisor to the HighMark Geneva Growth Fund.
Additionally, Geneva Capital Management, Ltd. will begin sub-advising a newly launched HighMark small cap mutual fund based on Geneva’s institutional small cap management style. The new fund will offer HighMark shareholders an opportunity to fine tune their asset allocation strategy by investing in small companies with strong growth potential.
Earle Malm, President and CEO of HighMark Capital Management, Inc., says “We are excited about the addition of these five new funds to the HighMark Funds family. These new offerings allow us to provide additional investment options for our shareholders while enhancing HighMark Funds’ nationwide distribution capabilities. Additionally, we are pleased about the opportunity to add two money management firms to our already high-quality list of sub-advisory firms.” Elizabeth Watkins, President of the North Track funds, adds “We could not be more pleased with the outcome of this transaction – HighMark is an outstanding fund family.”
Share classes of the North Track Cash Reserve Fund are in the process of being liquidated.
For more information or questions regarding Ziegler, North Track Funds or this transaction, please contact Elizabeth Watkins at (312) 263-0110 or email@example.com. For information on HighMark Funds, please contact Greg Knopf at (213) 236-5698, or firstname.lastname@example.org.
San Francisco-based HighMark Capital Management, Inc. (HCM), a registered investment adviser, is a wholly-owned subsidiary of Union Bank, N.A., with over $16 billion in assets under management for individual and institutional investors worldwide. HCM is also the adviser to the HighMark Funds, with 29 individual funds and over $8 billion in assets. HighMark Funds Distributors, Inc., an affiliate of PFPC Distributors, Inc., is the principal underwriter of HighMark Funds. HighMark Funds can be found on the Web at www.highmarkfunds.com.
The Ziegler Companies, Inc. (symbol:ZGCO) is primarily known as a growth-oriented, boutique investment banking and investment services firm with a primary focus in the healthcare, senior living, church, school and renewable energy sectors. Operations encompass capital markets (capital advisory services, bond underwriting, mortgage banking, institutional sales and trading) and wealth management, including asset management and investment services.
Ziegler Capital Markets provides investment banking and other services for not-for-profit healthcare and senior living providers, as well as religious institutions and schools.
Ziegler Wealth Management encompasses investment and consulting services for individuals, families, business owners and institutions nationwide.
Ziegler's alternative investing activities include raising and deploying capital through private investment funds with investment objectives related to the real estate, services and technology sectors of the healthcare and senior living industries.
Ziegler Capital Management, LLC provides institutional money management products and services as well as separate account management and mutual fund sub-advisory services.
Mutual fund investing involves risk, including possible loss of principal. HighMark Funds Distributors, Inc., an affiliate of PFPC Distributors, Inc., is the principal underwriter of the HighMark Funds. HighMark Capital Management, Inc., a registered adviser, is a wholly owned subsidiary of Union Bank, N.A., and serves as investment advisor for HighMark Funds. Union Bank, N.A., a subsidiary of UnionBanCal Corporation, provides certain services to the Funds and is compensated for these services. NO BANK GUARANTEE, NOT FDIC INSURED, MAY LOSE VALUE. There is no guarantee that the Funds will meet their stated objectives.
Carefully consider the Funds' investment objectives, risk, charges and expenses. This and other information can be found in the Funds' prospectus, which may be obtained by calling 1-800-433-6884 or by visiting www.highmarkfunds.com. Read the prospectus carefully before investing.
NYSE Arca Tech 100SM is a service mark of the NYSE Group, Inc. (“NYSE”) and NYSE Arca, Inc. and has been licensed for use by the licensee. The NYSE Arca Tech 100 Index Fund is not endorsed or sold by NYSE or its affiliates. NYSE does not make any representation or warranty regarding the NYSE Arca Tech 100 Index Fund or the ability of the NYSE Arca Tech 100SM Index to track general stock market performance.
In addition to the normal risks associated with equity investing, investing in small cap funds may involve additional risk because, as small cap companies are frequently in the early stages of growth, their stocks tend to fluctuate in value.
B.C. Ziegler and Co. Distributor, North Track Funds. Member FINRA & SIPC.
Greg Knopf, 213-236-5698
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