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

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

Rating:Fund Dies After Manager Packs Up Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, March 11, 2003

Fund Dies After Manager Packs Up

by: Sean Hanna, Editor in Chief

The attempt by many fund firms to convince shareholders that team management matters more than a star manager may not be working. The latest evidence that the man behind the curtain cannot be ignored is being provided by Schroder, which is now planning to merge its Ultra Fund out of existence.

The firm filed paperwork with the SEC to merge the fund into its U.S. Opportunities Fund.

The merging of the fund is being prompted by a precipitous fall in assets. That drop was, in turn, caused by the departure of Ira Unschuld at the end of 2002. Unschuld started his own money management shop running hedge funds and many of the Ultra fund shareholders reportedly followed him out the door. When word of Unschuld's plans first circulated the fund held roughly $160 million in assets. The filing showed that the fund is down to about $10 million today.

The departure underlines the fear at many fund distributors that star portfolio managers will be able to walk away with fund assets. It also highlights how important individuals still are to the brand of many funds, and more intriguingly, how a high profile manager is able to pull in assets even in a bear market. In short, fund firms touting team managers may be missing an opportunity because they are trying to protect themselves.  

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
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
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. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use