Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:After 29 Years and $222MM, a Midwestern Mutual Fund Shop Exits Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, August 9, 2016

After 29 Years and $222MM, a Midwestern Mutual Fund Shop Exits

Reported by Neil Anderson, Managing Editor

After 29 years in the mutual fund business, a Midwestern RIA is shutting down its mutual fund suite.

Chris Kostiz
Advance Capital Management, Inc.
President
Southfield, Michigan-based Advance Capital Management [profile] reveals in a recent filing that it will liquidate its four Advance Capital I mutual funds by March 31, 2017. The funds have a combined $221.8 million in AUM.

Advance Capital's mutual funds include: the $97.7-million, three-star Advance Capital I Retirement Income Fund; the $75.4-million, three-star Advance Capital I Balanced Fund; the $41.5-million, three-star Advance Capital I Equity Growth Fund; and the $7.2-million, two-star Advance Capital I Core Equity Fund.

Advance Capital launched in 1986, and the balanced and equity growth funds debuted in 1987. The wealth management RIA now has $2.4 billion in assets and more than 5,000 brokerage and investment advisory clients. Advance Capital offers model portfolios and separately managed accounts, in addition to mutual funds.

Chris Kostiz, president of the Advance Capital I Mutual Funds, confirms that Advance Capital's mutual funds have primarily been distributed through Advance Capital's own wealth management business.

"We know all the end clients," Kostiz says, contrasting their model with that of firms who distribute their mutual funds through other intermediaries.

Yet Advance Capital's business has shifted, Kostiz says.

"Our business has changed to more of a discretionary platform," Kostiz says, adding that that model accounts for "eighty to ninety percent of new business coming in."

Yet regulation also plays into Advance Capital's move to exit the proprietary mutual fund business.

"The regulatory environment with the fiduciary rules kind of throws a wrench into it, so we decided to dissolve the funds," Kostiz says. "It's a different environment than it has been in the past." 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2025: Q4Q3Q2Q1
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. MFDF webinar - MFDF 15(c) White Paper Webinar Series: Part 4 – Enforcement Action Takeaways, September 16
  2. IMEA Content Management Roundtable, September 16
  3. IMEA 2025 Star Awards Celebration, September 16
  4. IMEA Marketing Summit, Sep 16-17
  5. MMI webinar - The Case For Alts In UMAs: Why Incorporating Alternatives Into a UMA Structure Is Becoming a Strategic Imperative, September 16
  6. WE PNW - Mentorship Program Virtual Session: Building Trust to Win New Business and Influence Others, September 23
  7. MFDF webinar - Latest in Closed-End Funds Litigations, September 23
  8. MFDF webinar - Fixed Income Insights: Navigating Market Trends & Opportunities, September 24
  9. Nicsa webinar - Utilizing AI to Enhance Distribution & Advisor Engagement, September 24
  10. IMEA Portfolio Construction Roundtable, September 24
  11. IMEA Models Roundtable, September 25
  12. Expect Miracles Atlantic Coast Classic 2025, September 29
  13. MFDF webinar - Risk Management Essentials for RICs and Boards, September 29
  14. MFDF webinar - Diligent - Tools for Fund Board Book, October 1
  15. 10th annual Fuse Forum, October 8
  16. MFDF webinar - Essential Strategies in Board Oversight of Operational Risk Management, October 14
  17. MFDF webinar - Series Trust Funds - Effective Board Relationships with Advisers, October 15
  18. 2025 MMI Annual Conference, Oct 15-17
  19. Samfund Soiree Manhattan 2025, October 23
  20. Tiburon CEO Summit XLIX, Oct 27-29
  21. 2025 Sohn San Francisco Investment Conference, October 28
  22. Schwab Impact 2025, Nov 2-4
  23. UCITS & AIFMD for U.S. Managers 2025, Nov 4-5
  24. MFDF In Focus webinar - Audit Committee Chair, November 5
  25. 2025 Nicsa Asset & Wealth Management Summit, Nov 11-12
  26. MFDF webinar - Mutual Fund CCO Compensations: The MPI Annual Survey Update, November 13




©All rights reserved to InvestmentWires, Inc. 1997-2025
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use