A Midwestern shop that has long subadvised others' mutual funds and variable annuities appears to be shutting down its proprietary mutual fund business.

Ken Mungan Milliman Chairman

Milliman's Chicago-based financial risk management (FRM) arm will close and liquidate its first and largest mutual fund, the Even Keel Multi-Asset Managed Risk Fund, on September 16. The move comes after Milliman FRM liquidated its four newer mutual funds last month.

There is no word on what will become of Milliman's Even Keel mutual fund brand or on whether or not Milliman plans to launch any more mutual funds. Matt Zimmerman, managing director and head of sales for fund advisory services at Milliman FRM, did not return a call for comment on this story. Milliman spokeswoman Rebecca Driskill declined to comment.

The one-star, $113.4-million Even Keel Multi-Asset Managed Risk Fund first launched in June 2012. Milliman FRM's Blake Graves and Adam Schenck have PMed the fund since the beginning.

Ken Mungan, (now chairman of all of Milliman), founded the FRM arm of the actuarial and consulting firm back in 1998. The unit long subadvised mutual funds and VAs. After Milliman FRM launched its own Even Keel brand in 2012 with the debut of the Even Keel Multi-Asset Managed Risk Fund, they launched the four other funds in 2013 and then beefed up advisor support and distribution. 

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