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Thursday, June 24, 2010

RS Investments Adopts a Fund

Reported by Sean Hanna, Editor in Chief

RS Investments is getting into the adoption game. The San Francisco-based mutual fund firm has picked up the Oak Value Fund (OAKVX) based in Chapel Hill, North Carolina.

The pick up will add four investment professionals to the RS Investments team along with certain assets of Oak Value Capital Management. Oak Value has a "growth-at-a-reasonable-price" (GARP)strategy and claims $190 million in total assets under management. It was founded in 1986.

Terry Otton, chief executive officer of RS Investments stated that the existing team will continue to manage the fund. The North Carolina office will also be kept open.

Otton explained that the adoption builds on a "state-of-the-art" investment platform and infrastructure built by RS over the past few years.

"As an organization focused solely on investment management, we are committed to hiring and retaining the most experienced and skilled investment professionals in the industry," added Otton.

"The benefits for our clients and shareholders are substantial, ranging from access to resources, the potential for lower fees, and most importantly, the opportunity for us to focus exclusively on delivering the kind of returns our investors have come to expect,” said Mr. Coats, co-portfolio manager of the Fund and chief executive of Oak Value. “RS is the ideal home for our team. We share a commitment to fundamental research and investment discipline – the fit couldn't be better."

The adoption of the Oak Value Fund into the RS family of funds has been approved by both fund firm boards and subject to the approval of Oak Value Fund's shareholders. The adoption is expected to become final in the fall.

The portfolio managers making the move to RS Investments are: David R. Carr, Jr., who co-founded Oak Value in 1986, Larry D. Coats, Jr., who joined the firm in 1994, and Christy L. Philips, who joined in 2003.

"By joining RS, we gain access to the resources of this premier firm and benefit from being part of the larger organization," said Carr. "This move will enable us to focus exclusively on what we do best -– investment management – while benefiting from RS’ strengths in fundamental research and its strong operational and distribution infrastructure." 

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