The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A Bank Moves Away from the Proprietary Fund Biz Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, March 29, 2010

A Bank Moves Away from the Proprietary Fund Biz

News summary by MFWire's editors

The Bank of Hawaii is moving away from the proprietary mutual fund space. The bank, which currently runs 12 mutual funds in its Pacific Capital Funds lineup, will "be further transitioning its asset management activities into an open architecture investment process" as part of a long-term strategy, according to an SEC filing on March 4.

As part of the plan, Aberdeen Asset Management will pick up four funds: New Asia Growth, International Stock, Small Cap and High Grade Core Fixed Income funds.

Bank of Hawaii plans to liquidate six funds -- Mid-Cap, Growth Stock Growth and Income, Value, High Grade Short Intermediate Fixed Income, and U.S. Government Short Fixed Income -- and keep two others.

Two other funds -- Tax-Free Securities and Tax-Free Short Intermediate Securities -- will be reorganized into similar newly-organized portfolios of FundVantage Trust, a series of mutual funds administered by PNC Global Investment Servicing. Bank of Hawaii's asset management group will serve as investment manager of the new portfolios.

Fund shareholder meetings are scheduled for May. 

Edited by: Armie Margaret Lee

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2024: Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use