no longer owns Financial Research Corporation
. FRC chairman and Mercatus chief Bob Hedges
confirmed that "a group of investors" that includes himself and some FRC employees now directly owns the Boston-based mutual fund research firm. Meanwhile, Mercatus itself is now in new hands -- last week New York-based business advisory firm AlixPartners bought
AlixPartners spokesman Tim Yost confirmed that "FRC was not purchased by AlixPartners."
"There's been an ongoing program of bringing new investors into FRC," Hedges told MFWire.com
. "The Mercatus transaction with AlixPartners has nothing to do with FRC."
"For us, it's just status quo," FRC president Bob Jenkins
agreed. "That was a great fit for them."
Mercatus bought FRC from Citigroup almost three years ago [see MFWire.com, 11/21/2008
]. Jenkins confirmed that former Mercatus chief Hedges, now a managing director at AlixPartners, will continue to serve as FRC's chairman and that FRC still has the "same investors" backing it. And Jenkins said that, at least for now, FRC is not for sale.
"It is a private equity investment," said Jenkins, who took the FRC president post in May [see MFWire.com, 5/26/2011
]. "There are no immediate plans for any sort of sale. We're looking to build the business."
"FRC is in a great position going forward," Jenkins added. "The future's bright."
This article has been updated to include comments from FRC chairman Bob Hedges.
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