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, September 4, 2003 Gintel Shareholders Will Have New Home Tocqueville Asset Management is in line to take over roughly $62 million in assets from the Gintel Fund. The transaction was first revealed in a filing with the SEC last week. The deal will merge the Gintel Fund in the $61 million Tocqueville Fund, according to the filing. The merger comes as Robert M. Gintel, founder of the eponymous named fund firm said that he will retire. Gintel is 75 years old. He also had a recent run in with the SEC after he was determined to be making cross trades within his money management arm. Those trades cost investors as much as $489,000, according to the SEC. As a result, the SEC barred Gintel from the fund industry for six months last November. Shareholders will vote on the proposed merger at a meeting scheduled for October 29. The vote on the merger should be afait accompli as Gintel and his family own about 40 percent of the shares issued by the fund. While one of the attractions of the Gintel Fund has been its relatively large tax-loss carry forward, IRS rules may wipe out much of that benefit after the funds merge, according to Morningstar. Tocqueville will only be able to harvest a write-off of up to 4 percent of the assets in the Gintel Fund annually. Printed from: MFWire.com/story.asp?s=5762 Copyright 2003, InvestmentWires, Inc. All Rights Reserved |