Aston Asset Management [profile]
just partially closed a third small-cap mutual fund. Today the Chicago-based fund firm revealed that its plans to shut new investors out of its $488.9-million Aston/River Road Independent Value Fund
, starting tomorrow.
"The integrity of the investment process must remain sacrosanct," stated Stuart Bilton
, chairman and CEO of Aston.
Aston president Ken Anderson
two weeks ago that the soft-close was coming [see MFWire.com, 11/21/2011
, vice president at River Road, PMs the independent value fund. The fund joins two partially-closed Aston small-cap funds: the Aston/River Road Small Cap Value Fund
and the Aston/Tamro Small Cap Fund
Aston boasts about $9.109 billion in non-money market mutual fund assets.
Company Press Release
CHICAGO, Dec. 6, 2011 -- Aston Asset Management, LP (Aston) has announced that it will implement a "Soft Close" of the ASTON/River Road Independent Value Fund ("the Fund"), on or about December 7, 2011.
The Soft Close will mean that the Fund will close to new investors but remain open to existing shareholders. The supplement sets forth the details of the Soft Close and can be found on the Aston Funds website, www.astonfunds.com. The supplement details that certain exceptions may apply.
"Many potential clients may be disappointed to learn that we have to Soft Close the ASTON/River Road Independent Value Fund so soon after its inception," said Stuart D. Bilton, Chairman and Chief Executive Officer of Aston, "but the integrity of the investment process must remain sacrosanct."
The Fund's portfolio manager is Eric Cinnamond, Vice President and Portfolio Manager at River Road. Mr. Cinnamond leads the Independent Value strategy at River Road; his investment approach is opportunistic. Prior to joining River Road he served as lead Portfolio Manager for Intrepid Capital Management's Small Cap strategy. Mr. Cinnamond has over 17 years of investment experience and has earned significant professional recognition including being named MarketWatch's 2008 Stockpicker of the Year.
"This is Aston's third small cap fund to soft close," continued Bilton. "In keeping with our shareholders' best interests, we previously closed the ASTON/River Road Small Cap Value Fund and the ASTON/TAMRO Small Cap Fund based on net assets. Looking forward, we are very pleased to be partnering with Silvercrest Asset Management Group LLC to open a new small cap fund at the end of the year."
To request more information please contact Tony Kono at 973-732-3521 or firstname.lastname@example.org
Aston Asset Management, LP
Headquartered in Chicago, Illinois, Aston provides investment management services to the mutual fund and managed accounts markets by carefully selecting, monitoring and marketing experienced boutique investment managers, who seek to achieve consistent investment performance using disciplined investment processes and best in class business standards. From the initial due diligence on an investment manager to the launching of a new Aston Fund, we take measured steps to ensure congruence between the requirements of Aston, the capabilities of the subadviser and the needs of clients. As of November 30, 2011, Aston is the adviser to twenty-five mutual funds with total net assets of approximately $9.6 billion. Our funds are distributed nationally through intermediaries including registered investment advisors, model platforms, broker-dealers, consultants, retirement platforms and wealth management teams.
About River Road Asset Management, LLC
River Road Asset Management, LLC is an institutional asset management firm based in Louisville, KY. The firm specializes in value-oriented equity investment management. With $4.4 billion in assets, as of September 30, 2011, River Road provides institutional separate account and investment sub-advisory services to a broad range of domestic and international clients. River Road's strategies are available to retail investors through five mutual funds in the Aston Funds family. River Road is an Aviva Investors company.
Note: Small- and Mid-cap stocks are considered riskier than large-cap stocks due to greater potential volatility and less liquidity. Value investing often involves buying the stocks of companies that are currently out of favor that may decline further.
The Russell 2000 Value Index is comprised of securities in the Russell 2000 Index. Companies in this index tend to exhibit lower book to price ratios and lower cost to growth values. Indices are adjusted for the reinvestment of capital gains and income dividends. Individuals cannot invest in an index.
The Morningstar Small Value Category figures allow for a direct comparison of a fund's performance within its Morningstar Category.
The MarketWatch Stockpicker of the Year award is determined by MarketWatch based on a comparison of the investment professionals featured in their "Stockpickers" column from the beginning of January to the end of October in any given year.
The information contained in this press release and in the preliminary prospectus is not complete and may be changed. A post-effective amendment to the registration statement with respect to the securities of the ASTON/Silvercrest Small Cap Fund has been filed with the Securities and Exchange Commission but is not yet effective. No securities of the Fund may be sold until the post-effective amendment with respect to the securities is effective. This press release or the preliminary prospectus is not an offer to sell these securities and is not a solicitation of an offer to buy these securities in any jurisdiction in where the offer or sale is not permitted.
Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. Please call 800 597-9704 for a prospectus which contains this and other information about the Fund. Read it carefully before you invest or send money.
Aston Funds are distributed by BNY Mellon Distributors Inc.
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