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

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

Rating:AMG Reels In Four Allianz Funds Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, May 26, 2010

AMG Reels In Four Allianz Funds

Reported by Daniel Tovrov

Managers Investment Group is adopting four Allianz funds in a deal that is anything but run of the mill. Managers is the proprietary fund arm of Affiliated Managers Group and won the deal at the behest of the subadvisor to the funds, not Allianz.

Boston-based Cadence Capital Management, the current subadvisor to the Allianz CCM funds, will remain in that role assuming that the adoption is approved by shareholders. All counted, Cadence managers nearly $6 billion in assets. The four funds in the adoption generated just more than $8.3 million in fees for Cadence in 2009.

The funds deal has already received approval from the Allianz board of directors and is awaiting a shareholder vote, according to a filing.

The filing states that the adoption was sparked by a call agreement with the funds that was entered into in connection with the prior sale of Cadence. The agreement allowed Cadence the right to identify successor funds and excercising that right Cadence tapped Managers Investment Group LLC.

The filing did not provide further details of Cadence's sale or its timing and officials at all three funds have been unavailable to comment on the matter.

Cadence, which was initially backed by then-Pimco parent Pacific Mutual Life in 1999, was sold by Allianz to Rosemont Investment Partners in a 2005 management led buyout. Rosemont is a private equity firm specializing in the asset management space. It's Web site continues to list Cadence as a portfolio company.

If shareholders approve the adoption, Managers expects to take control of the funds in the third quarter of 2010.

Through the adoption, Managers will acquire:
  • Allianz CCM Mid-Cap Fund
  • Allianz CCM Focused Growth Fund
  • Allianz CCM Emerging Companies Fund
  • Allianz CCM Capital Appreciation Fund

  • Portfolio management will stay the same after the switch. Cadence has five mutual funds on its own, the Large Cap Growth, Focused Growth, Mid Cap Growth, Small Cap Growth and Micro Cap Growth funds.  

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

     Do You Recommend This Story?

    GO TO: MFWire
    Return to Top
     News Archives
    2024: Q3Q2Q1
    2023: Q4Q3Q2Q1
    2022: Q4Q3Q2Q1
    2021: Q4Q3Q2Q1
    2020: Q4Q3Q2Q1
    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. 1997-2024
    14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
    Privacy Policy :: Terms of Use