Berwyn, Pennsylvania-based Constellation Investment Management will acquire J.J.B. Hilliard, W.L. Lyons' Hilliard Lyons Growth Fund pending shareholder approval in September. The directors of the fund's board approved the move on July 12, Hilliard Lyons reported in a filing.

Jim Allen, chairman of Hilliard Lyons, said the move would "broaden its distribution of the Growth Fund as part of Constellation's marketing efforts," reported Louisville newspaper Business First.

"We don't see any downside for shareholders," said Allen.

Hilliard Lyons will subadvise the $36 million fund.

The fund waived sales charges on A shares and closed sales of B shares to new investors on July 19.

Constellation Investment, which is the investment advisor to the Constellation fund family, manages approximately $1.3 billion in assets in 12 funds. The 12 funds were spun-off from Turner Investment Partners on May 10. Under that agreement, Constellation hired Turner, Clover Capital Management, and Chartwell Investment Partners as subadvisers to the fund. 

Edited by: Theresa Sim


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