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Friday, January 6, 2012

Water Fund to Evaporate

Reported by Armie Margaret Lee

The $11.9 million PFW Water Fund is headed for liquidation. Or, make that dry times.

"The Board of Directors (the "Board") of the Santa Barbara Group of Mutual Funds, Inc., consisting of the PFW Water Fund (the "Fund"), has concluded that that due to the small size of the Fund, it is in the best interests of the Fund and its shareholders that the Fund cease operations," read an SEC filing.

Santa Monica, California-based Hillcrest Wells Advisors, LLC, the fund's investment adviser, plans to shut down the fund on January 20.

Hillcrest Wells LLC COO and fund manager Rod Hagenbuch was not immediately available for comment. 

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