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Rating:Grail Advisors Says it Might Shutter its ETFs if It Does Not 'Consummate a Transaction or Recapitalize' Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, January 6, 2011

Grail Advisors Says it Might Shutter its ETFs if It Does Not 'Consummate a Transaction or Recapitalize'

Reported by Armie Margaret Lee

Last month, The MFWire.com reported that active ETF shop Grail Advisors was on the lookout for a strategic partner.

Now, Grail Advisors revealed that it "has entered into a letter of intent concerning a transaction involving its ownership interests in order to enable it to continue its operations, including paying its future obligations under its fee waiver and expense reimbursement agreements." [SEC filing]

In the same filing, made yesterday, the company also said that if it were "unsuccessful in its efforts to consummate a transaction or to recapitalize, all of the ETFs may be liquidated."

Grail Advisors CEO Bill Thomas could not immediately be reached for comment this afternoon.

The San Francisco-headquartered company offers five actively managed ETFs: RP Focused Large Cap Growth ETF, RP Growth ETF, Grail McDonnell Intermediate Municipal Bond ETF, Grail McDonnell Core Taxable Bond ETF and Grail American Beacon Large Cap Value ETF.

Investment bank Grail Partners owns around half of Grail Advisors. Thomas and ex-Janus Capital CEO and Grail Advisors board member Gary Black are among the other owners.  

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