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Thursday, January 26, 2006

Surgeons To Launch Mutual Fund

Reported by Armie Margaret Lee

A group of surgeons plans to roll out its first proprietary mutual fund family this fall and is now in the hunt for money managers.

The American College of Surgeons plans to launch Surgeon Funds in October, said Gay Vincent, the organizationís comptroller, in an interview with MFWire.

"We will start with one fund then see how it goes from there," Vincent said.

The fund, which will be offered as a benefit to college members by Surgeons Investment Trust, is designed to be invested in exchange-traded funds and the organization is currently looking for money managers to handle investments in nine segments, she said.

The fund will be limited to surgeons and their families, as well as affiliated groups.

Vincent said the American College of Surgeons plans to file a registration with the Securities and Exchange Commission in the beginning of March.

The organization started entertaining the prospect of launching a fund two and a half years ago, Vincent said.

The creation of a mutual fund "is a need expressed by our members during the some of the training courses provided by the organization," she said. The organization later conducted a survey among its members, the results of which prompted it to move the initiative forward.

The American College of Surgeons has enlisted the aid of New York-based Carpenter Group to develop a communications and marketing strategy for the Surgeon Funds.

Thomas Russell, MD, executive director of the American College of Surgeons, said in a statement that Carpenter Group was chosen due to its extensive experience in launching mutual funds.

"And on top of their expertise, they immediately grasped the vision driving this initiative: to provide financial education and investment opportunities for our fellows as the health care industry evolves and the realities of retirement catch up with us all," he added.

With over 70,000 members, the American College of Surgeons is the largest group of surgeons in the world.  

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