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Rating:OppFunds Equity Income Will Gobble a Sibling Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, May 18, 2011

OppFunds Equity Income Will Gobble a Sibling

News summary by MFWire's editors

By the end of the summer, the Oppenheimer Balanced Fund may be no more. OppenheimerFunds [see profile] proposes to merge the $569.5-million, large-cap blend, one-star [see Morningstar] fund into the $2.3-billion, large-cap value, five-star [see Morningstar] Oppenheimer Equity Income Fund [see filing].

The funds' shareholders will vote on the merger plan at a special meeting scheduled for August 12 in Denver.

Samuel Wang, a spokesman for OppFunds, listed three reasons for the merger: economics of scale, similar styles (both funds are managed by OppFunds' Value Equity team) and better prospects for growth.

"The resulting asset base should lead to the management fee rate paid by shareholders of both Funds to decrease as a result of the merger," Wang told The MFWire in an e-mailed statement. (Both funds reduce their asset-based management fees as they reach higher asset levels -- Equity Income currently charges 68 basis points and Balanced charges 72.)

"Due to historical performance, analyst ratings, and lower fees, we believe Equity Income has greater potential for success for shareholders," Wang added.

Michael Levine PMs Equity Income. Emmanuel Ferreira PMs the equity side of Balanced, while Krishna Memani and Peter Strzalkowski PM the fixed income side. 

Edited by: Neil Anderson, Managing Editor


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