The Philadelphia Fund
will soon be no more. The MFWire
has learned that the $52.62 million fund's shareholders will vote on November 6 on whether or not to collapse their fund into the $118.68 million WHG LargeCap Value Fund
as Westwood Holdings Group
buys the asset management business of Philadelphia's advisor, Baxter Financial Corporation
. (The AUM figures above are as of market close on August 3.)
Westwood first unveiled
the deal on July 23. The Dallas-based firm's WHG Funds
boasted $372 million in total AUM on June 30.
The Philadelphia Fund traces its roots back to 1923, when W. Wallace Alexander created the Securities Fund
, "an unincorporated investment company" which the Philadelphia Fund later acquired.
Neil Anderson, Managing Editor
Stay ahead of the news ... Sign up for our email alerts now