Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Another Firm is Exiting the Mutual Fund Business Not Rated 4.0 Email Routing List Email & Route  Print Print
Tuesday, March 10, 2009

Another Firm is Exiting the Mutual Fund Business

Reported by Armie Margaret Lee

Integrity Mutual Funds Inc. has inked a deal to sell its mutual fund division, opting to focus solely on the broker-dealer business, The MFWire has learned.

Laura Anderson
Integrity
President, Mutual Fund Division
A group of employees from Integrity and Viking Fund Management are setting up a new company called Corridor Investors LLC, which will purchase Integrity Mutual Funds Inc. of Nevada, Integrity Fund Services and Integrity Funds Distributor, said Laura Anderson, president of Integrity's mutual fund division, in an interview. In a separate transaction, Corridor will purchase Viking.

"Integrity's board decided to focus the company's attention on the broker-dealer business," Anderson said.

The deal is expected to close in June, according to an 8-K filing on Monday afternoon.

Integrity runs 12 mutual funds with combined AUM of $240 million. When the deal closes, management of those funds will fall under Viking Fund Management, which, like Integrity, is based out of Minot, North Dakota. Led by president and CEO Shannon Radke, Viking currently has 4 mutual funds. The brand name of the combined fund lineup has yet to be determined, Anderson said.

According to the SEC filing, the purchase price for the 12 Integrity funds amounts to 60 basis points of the net asset value of Integrity's 12 mutual funds a day before the closing date of the transaction. In addition, Corridor will pay 10 basis points of "the then aggregate net asset value of the Closing Date Shares which then remain outstanding 12 months post Closing Date, 24 months post Closing Date and 36 months post Closing Date," the filing stated.

Integrity's mutual fund division has 25 employees, according to Anderson. It was not immediately clear how many Integrity employees will become part of Corridor.

When the deal is complete, Integrity Mutual Funds Inc. will have just one subsidiary, Capital Financial Services. The name of the parent firm will change to reflect its focus on the brokerage business.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

4.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use