plans on hiring a new subadvisor for its CIGNA High Income Shares
closed-end fund. The directors of the fund recommended Shenkman Capital Management
for the mandate. Shareholders will vote to approve the appointment at meeting on April 29. The fund holds $437 million in assets, according to the most recent data from Morningstar.
New York City-based Shenkman was founded in 1985 by Mark R. Shenkman
and remains privately owned. Cigna's TimesSquare Capital Management
, which had subadvised the fund, will remain as the advisor to the fund and will be responsible for paying Shenkman Capital Management's sub-advisory fees. Cigna said that the change will not effect the current fees charged to the plan. Morningstar lists those fees at 102 basis points.
The fund is a high-yield fixed oncome fund traded on the New York Stock Exchange. It has returned 12.2 percent so far in 2003 after suffering through three straight years of losses, according to Morningstar.
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