Princeton-based Equinox Fund Management
has agreed to sell a family of eight funds to Denver fund firm, Wakefield Funds
. For management, the sale of Frontier Funds represents a strategic shift towards their mutual fund business.
| Richard Bornhoft|
Equinox Fund Management, LLC
Co-Founder and Managing Director
Equinox Frontier Funds, the family that will be transferred in the sale, is a group of eight distinct commodity pool strategy funds, three of which are still open for new investment. Equinox's remaining product offerings consist of nine mutual funds, two multi-strategy and seven single-strategy.
"Our goal is to streamline our product offerings to focus on our mutual fund business," states president and CEO, Robert Enck
The two companies have agreed to a six-year transition period to ensure a seamless experience for investors. Throughout the transition, Equinox portfolio managers will remain heavily involved, though their precise responsibilities are unclear.
Wakefield CEO Patrick Hart
and Equinox co-founder Richard Bornhoft
previously co-owned an asset management shop, Hart-Bornhoft Group
. Given this relationship between the two firms, Wakefield was a logical choice for a buyer, explains Enck in a company statement.
Neither firm was immediately available for further comment. Other details of the deal, including terms and timing, were not yet available.
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