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Rating:Monument Seeks Partners Not Rated 3.0 Email Routing List Email & Route  Print Print
Tuesday, March 27, 2001

Monument Seeks Partners

Reported by Tamiko Toland

Executives at the Monument Funds Group are looking for a hand. The Bethesda, Maryland tech-focused fund family has seen its assets decline since the market's peak last spring: nearly 75 percent in the period between the end of March, 2000 and the end of January of this year (data from Financial Research Corporation). Nonetheless, president and chief executive officer David Kugler reflects that the economic slowdown could bring some opportunities out of the woodwork.

"You start looking for more leverage and partnerships with other firms," he said. "A year ago when everybody was so busy, you didn't have enough time."

When asked about the possibility of a sale, Kugler played a little coy and replied that he is currently on the look for the right match, although he was unable to specify what kind of deal he hopes to broker for the closely-held firm.

"I'm open to partnerships, whatever strengthens the business and allows us to do a better job with shareholders," he said. "We're in all sorts of discussions right now. There are a lot of opportunities for partnerships."

In the meantime, in a series of staffing cutbacks, Monument has pared its staff from 20 to eight. Most of the jobs lost are in the shareholder servicing area, since the firm began outsourcing to PFPC.

"You cut around the margins and try to adjust the scale of your activities to the business you're getting," he explained. "You want to keep your core processes in place."

Kugler remains optimistic in the face of his firm's current reversal in fortunes. "It's a good time for any business that can survive the bumps," he said. Monument's reputation as one of the go-go dotcom fund firms of the late 1990's may make it more difficult for it to find a buyer or an investor in the current economic market. The best fit for the firm may be other technology specialists that also need to bolster their asset base. 

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