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Rating:A New York Firm is Pulling the Plug on its Mutual Fund Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, August 11, 2010

A New York Firm is Pulling the Plug on its Mutual Fund

Reported by Armie Margaret Lee

New York City-based Grisanti Brown & Partners is closing its sole mutual fund offering. The Grisanti Brown Value Fund will liquidate on or about September 24, according to an SEC filing.

The fund has $15.9 million of assets, according to Morningstar.

"Due to the Fund's inability to attract a sufficient number of investors and maintain sufficient assets to operate efficiently, Grisanti Brown & Partners LLC (“Grisanti”), the Fund’s investment adviser, informed the Board that the Fund could not continue to conduct its business and operations in an economically efficient manner," Grisanti Brown officials said in the filing.

"Grisanti has maintained an expense cap on the Fund’s total annual operating expenses since the Fund commenced operations and has determined that such subsidies are no longer economical," they added.

The fund's expense ratio is capped at 99 basis points.

Besides operating the mutual fund, Grisanti Brown also offers a separately managed account. 

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