Affiliated Managers Group Inc.(AMG), an asset management holding company, said it would be launching a no-load mutual fund family through its recently acquired subsidiary
The Managers Funds LLC.
Boston-based
Essex Investment Management Company is the sub-advisor for the family's first fund,
Essex Aggressive Growth Fund, which was launched on November 1, 1999.
The fund presently has about $100 million in total assets and requires a $25,000 minimum investment. Essex manages about $7.8 billion in assets as of September 30, 1999 for institutions and high net worth investors.
AMG is a holding company that presently consists 15 asset management groups. "When we made the investment in Managers Funds we saw ability to use its platform, which already has nine no-load funds, to launch sub-advised fund families,"
Lee Chertavian, senior vice president of AMG.
Managers Funds has a sales force of nine sales people that typically distributes its funds through 401(k)s, wrap programs, financial planners and supermarkets.
Essex Aggressive Growth Fund will not be listed on any supermarkets to start but that distribution will be a consideration for the future, Chertavian said. It will have an expense ratio of 1.01%.
"We expect to launch other funds through other affiliates," Chertavian said "Our effort was to get this one up off the ground. I don't know who will do it next but I do expect to have more."
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