A Midwestern shop is scuttling four of its five mutual funds later this month.

Milliman's Chicago-based financial risk management (FRM) arm will liquidate four of its Even Keel Investments mutual funds on August 15, a recent filing with the SEC confirms. Seattle-based Milliman is an international actuarial firm.

Matt Zimmerman, managing director and head of sales for fund advisory services at Milliman FRM, did not return calls for comment on this story. Milliman spokeswoman Rebeccea Driskill declined to comment.

Kenneth Mungan Milliman FRM Chairman

Milliman FRM, founded in 1998 by Ken Mungan (now chairman of all of Milliman), has long subadvised mutual funds and variable annuities. In 2012, the FRM team launched their own mutual fund brand, Even Keel Investments, and their first mutual fund. They launched four more Even Keel funds in 2013 and ramped up distribution and advisor support in 2014.

The shuttering funds, all launched in November 2013, are: the $100,000 Even Keel Explorer Managed Risk Fund; the $934,000 Even Keel Managed Risk Fund; the $157,000 Even Keel Opportunities Managed Risk Fund; and the $161,000 Even Keel Traveler Managed Risk Fund

The filing about the planned liquidations makes no mention of the first, and largest Even Keel mutual fund, the $121.7-million Even Keel Multi-Asset Managed Risk Fund. 

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