(Yes, it's a Friday ... Any groans at the above title should be directed to Christopher Sanderson in Sales whose responsibility it is.)
Al Frank Asset Management
(AFAMI) has sold a majority stake to a Minneapolis-based investor group, according to the Laguna Beach, California-based company. Terms of the transaction were not disclosed.
, 69, is the longtime publisher of The Prudent Speculator
, and manager of The Al Frank Fund
, a highly rated no-load mutual fund. Frank was named chief investment strategist and will remain with the firm on a full-time basis.
According to Morningstar, the $7 million Al Frank Fund was the number-two ranked small-cap value fund for the twelve months ended Sept. 30, 1999, and had the number-one ranking for the nine-month period ended Sept. 30, 1999.
The group, which now owns 70% of AFAMI, which currently manages about $70 million was led by Jamie Dlugosch
, 34, an ex-investment banker from Miller & Schroeder Financial. Dulgosch becomes the new president of Frank Asset Management and also the publisher of The Prudent Speculator.
, 34, director of research for AFAMI, was named to the posts of chief portfolio manager and co-editor of The Prudent Speculator.
"I welcome the new talent and resources that this transaction offers our firm and am pleased to see John Buckingham rise to chief portfolio manager and co-editor of The Prudent Speculator," said Frank. "John has been my close colleague for the past 12 years, and in his role as research director since 1989 has made substantial contributions to our past performance and success. I look forward to our continuing close association."
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