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Rating:The Initial Investment Boom Not Rated 3.0 Email Routing List Email & Route  Print Print
Tuesday, December 7, 1999

The Initial Investment Boom

Reported by Hayley Green

Gathering assets for most mutual funds is an onerous task, but those at Mitchell Hutchins Asset Management (MHAM), the asset management subsidiary of PaineWebber Incorporated, had no problem accumulating over $2 billion in its Strategy Fund, the largest initial investment ever.

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The fund, which was managed day-to-day by T. Kirkham Barneby and led by Edward M. Kerschner, was first announced on October 4 and launched on October 11. As of November 29, the fund raised a record $2.1 billion, and the company announced it would be closing it for the time being.

Such Success like this is not often seen in the mutual fund industry especially since the fund was wholly distributed through PaineWebber (unlike other funds that are listed on many supermarkets).

Brian M. Storms, president and chief operating officer of MHAM, attributed part of the success to having Kerschner on board. "First and foremost the success speaks volumes about Ed Kerschner. He is highly regarded and has a reputation for successful investing."

The way the fund was structured and priced played a big role in its achievement. Storms said that Mitchell Hutchins went through an entire rebranding for several months before the fund was launched. It also advertised the fund and started an entirely new marketing initiative.

The change in the company's marketing included a reformatting of "reports, prospectuses and communication tools for wholesalers. Everything from A to Z was done to create a new template." 

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