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 |
|
Wednesday, September 23, 2015 F-Squared's Song Ends, As Expected, In a Sale The sale of F-Squared, or at least of its assets, is complete, about a year after it first fell from grace.
F-Squared chief Laura Dagan first unveiled the Broadmeadow deal in July when F-Squared filed for chapter 11 bankruptcy protection. Broadmeadow was launched last year by two alumni of Windhaven, an ETF strategist that Schwab bought a few years ago. Broadmeadow is a subsidiary of Cedar Capital, the private-equity-backed parent of another ETF strategist, Good Harbor. Cedar CEO Paul Ingersoll told MFWire this summer that about a dozen F-Squared people would join Broadmeadow's team as part of the deal. The terms of the deal, Ingersoll explained at the time, depend on how much of F-Squared's AUM moves over to Broadmeadow and how much the old F-Squared business grows in the coming years. "With Broadmeadow Capital's expanded product portfolio, we feel optimistic about the firm's position as a provider of alternative investment strategies that help investors manage exposure to global equity, fixed income, and commodity markets," Ingersoll states. For F-Squared, the bankruptcy and sale is the end of a long year at was once the largest ETF strategist in the business. At the end of the summer of 2014, word broke that the SEC was investigating F-Squared's reporting of its historical performance records for the AlphaSector strategies. F-Squared ousted its CEO, cut staff, and agreed to a $35-million settlement with the SEC. Yet the F-Squared saga is not completely over just yet. Its founder and ex-CEO, Howard Present, did not settle with the SEC when F-Squared did. That court battle is still yet to come. Printed from: MFWire.com/story.asp?s=52666 Copyright 2015, InvestmentWires, Inc. All Rights Reserved |
