Quasar Makes a Covenant With a New Client
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Tuesday, March 29, 2011

Quasar Makes a Covenant With a New Client

Quasar Distributors just took over distribution for another mutual fund family. Yesterday One Compass Advisors revealed that on March 15 it switched its New Covenant Funds [see profile] from using their New Covenant Funds Distributor to using Quasar [see filing].

The MFWire could not immediately reach a spokesperson at One Compass for comment on the move. And a spokesperson for Quasar parent U.S. Bancorp was not immediately able to comment.

Fundsters familiar with One Compass may not be surprised by the move, as U.S. Bancorp already serves as fund accountant, fund administrator and transfer agent to the New Covenant Funds.

One Compass is a division of New Covenant Trust Company, which in turn is a subsidiary of the Presbyterian Foundation. The four New Covenant funds boasted more than $1.5 billion in combined assets as of December 31.

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