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 24, 2004 From Fund of Funds to Simply, a Fund AssetMark Investment Services has changed the structure of one of its funds. The AssetMark Core Plus Fixed Income Fund, once a fund of funds, sold its mutual fund shares and invested directly in fixed income investments and securities on August 17. The change was made because the fund outgrew the purpose of the fund of funds strategy. Officials stated, "[t]his 'fund of funds' structure was originally put in place to allow the Fund to engage high-quality institutional fixed income managers through an investment in mutual funds until the Fund assets had grown to a size such that these managers could be retained directly as sub-advisers. The Fund has now grown to a sufficient asset size." The information was disclosed in a SEC filing. Goldman Sachs Asset Management and Western Asset Management now subadvise the fund. Each firm will manage approximately half of the $298 million fund. Prior to hiring subadvisors directly, the fund invested in BlackRock, Western Asset Management, PIMCO, Vanguard, FFTW, Salomon Brothers Asset Management, and T. Rowe Price mutual funds, said spokesman Ken Bakar. Printed from: MFWire.com/story.asp?s=7866 Copyright 2004, InvestmentWires, Inc. All Rights Reserved |