has found a home for three trusts that are used in annuity subaccounts. Omaha, Nebraska-based CLS Investment Firm
, an affiliate of NorthStar Financial Services Group, has inked an interim subadvisory agreement to take over three XTF Advisors Trust Tactical Allocation Funds. CLS is the advisor to the AdvisorOne family of funds.
Gemini Fund Services
has taken over as transfer agent for the funds and Aquarius Fund Distributors
will distribute the funds. Gemini and Aquarius are both affiliates of CLS.
The adoption of the funds was made public in a revised prospectus
dated May 1.
XTF Global made waves last month when it shuttered its operations, making it one of the few fund firms to fail. This month it sold its remaining assets to Marco Polo, an ETF research firm.
XTF officials could not be located for comment and a representative for its public relations firm told The MFWire
that they no longer work for XTF and do not know how to contact them. Building employees at the firm's former offices on Wall Street said that they had moved out "sometime in February or March."
Ex-CEO Michael Woods
continues to act as chairman and trustee of the funds, according to the prospectus. Woods joined Evergreen Investments last September to head up the Financial Institutions Group. A spokesperson for Evergreen told the MFWire
that Woods no longer serves in any capacity at XTF, and his listing in the prospectus is incorrect.
Meanwhile, the fate of the other XTF Global providers based in New York City could not be immediately learned.
Industry executives told The MFWire
that XTF Global hit hard times after it spent heavily on marketing its funds but failed to gain traction with investors.
The new prospectus for the trusts lists the assets managed by the new portfolio managers at less than $1 million.
Correction: An earlier version of this story incorrectly stated that Michael Woods had taken a not yet taken a new position after leaving XTF.
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