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Thursday, April 24, 2003|
Vision Funds to Swallow Ark Funds
M&T Bank is planning to create 15 new Vision Funds to absorb the Ark Funds it acquired through its purchase of Allfirst Financial. The Buffalo, New York-based bank purchased Allfirst from Allied Irish Banks at about $866 million last December and banking regulators approved the deal in March.
In an unrelated announcement, the bank also said that Kevin Hanrahan stepped down as a portfolio manager on the Vision Large Cap Core Fund on March 7. Thomas Pierce, Mark Schultz and James Thorne remain as portfolio managers for the fund.
The bank disclosed some of its plans for the two fund families in SEC filings. Those filings did not detail what would happen to the staff currently working with the Ark Funds. Calls seeking further comment made to officials at M&T were not returned by press time.
The consolidation of the two fund brands comes in the wake of M&T's merging of its Governor Funds into the Vision family two years ago. The bank acquired those funds when it purchased Martindale Andres & Company in October of 2000. It moved the advisory responsibilities for the funds to its M&T Asset Management unit in January of 2001 and rebranded them as Vision Funds.
Shareholders of the funds are expected to vote on the mergers in the annual meeting that is scheduled for August.
The new funds and their predecessor funds will include:
Printed from: MFWire.com/story.asp?s=5027
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