Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Fund Directors Delay Adoption by Strong Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, November 06, 2003

Fund Directors Delay Adoption by Strong

by: Sean Hanna, Editor in Chief

The directors of the Matrix Advisors Value Fund are having second thoughts about their fund's adoptive parent. The board had proposed that Strong Capital adopt the fund. However, the allegations that Strong allowed market timing trades by Canary Capital Partners caused the board to delay the scheduled October 14 vote on the matter until at least November 13. Shareholders must be allowed to vote on the matter no later than December 13.

The October vote was delayed before the latest allegations that Strong founder Richard Strong also conducted timing trades in some Strong funds. In a message on the fund's Web site, the directors say that they are waiting for more clarity on the situation before making a final decision on the adoption.

"In the past several months, many of us at Matrix have spent a great deal of time learning more about the Strong organization. We have been impressed with their professionalism and integrity. We continue to hold that view," read the statement.

It added that the board "has adopted a cautious posture, watching developments to learn more about particular allegations, the response of Strong to them, and the impact on the Strong organization and its family of mutual funds."

New York City-based Matrix Asset Advisors had decided to send the fund to Strong in August. The advisory firm would have then stayed on as the subadvisor to the fund. The firm is headed by portfolio manager David Katz and manages roughly $177 million in assets.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2018
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use