MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, July 17, 2008 Tice Talks After Prudent Bear David Tice made a tidy profit on the deal with Federated Investments, he spoke to The MFWire to talk about the transaction.
"The deal with Federated made more sense than hiring a bunch of wholesalers," Tice said. As for the eventual buyer, Federated, Tice said the fact that the company was willing to keep the Prudent Bear Strategy intact was a big factor. "We were always impressed with them," Tice said. Always the perma-Bear, Tice also mentioned that the transaction was structured so that the Prudent Bear team will benefit from bear market. The Prudent Bear team will be relocating from Texas to Federated's headquarters in Pittsburgh. Tice himself will not be moving to Pittsburgh, but will join Federated as chief portfolio strategist. Under the deal, announced Tuesday, Federated will pay an initial $43 million to acquire the $1.2 billion Prudent Bear Fund and the $507 million Prudent Global Income Fund. The deal terms also include future contingent payments of up to $99.5 million over the next four years. As for the launch of more Prudent Bear funds in the future, Tice said he will be involved in helping Federated make those decisions. Printed from: MFWire.com/story.asp?s=18846 Copyright 2008, InvestmentWires, Inc. All Rights Reserved |
