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 |
|
Tuesday, August 14, 2001 Defections Cause Fund Liquidation Earlier this year the team managing the business of high-net-worth athletes at MetLife's State Street Research (SSR) jumped to Beantown rival State Street Corp. The fallout is now hitting investors in the SSR fund they managed. Now, the firm is seeking to liquidate the fund they managed. It is also liquidating a second fund and merging two others. In May former hockey great Derek Sanderson and fund manager F. Gardner Jackson were among SSR executives who jumped between firms. Jackson was the manager of the $12 million Athletes Fund. Today SSR filed paperwork with the SEC seeking to ask permission of shareholders to liquidate the fund and return the assets in it to shareholders. That fund represented roughly 2.5 percent of SSR's high-net-worth business. The firm also filed paperwork to liquidate the $33 million Strategic Income Plus fund and to merge the $57 million New York Tax-Free fund into the $218 million Tax-Exempt fund. These moves are part of a growing trend by fund complexes to trim the number and scope of the products that they offer as they seek to limit distribution and marketing costs. Printed from: MFWire.com/story.asp?s=26847 Copyright 2001, InvestmentWires, Inc. All Rights Reserved |