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

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

Rating:A 36-Year-Old Fund Closes After Death of Its Advisor Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, July 3, 2017

A 36-Year-Old Fund Closes After Death of Its Advisor

Reported by Sophie Alexander

The Northeast Investors Growth Fund (NTHFX) is closing on June 29, according to a letter from the advisor’s president, Nancy Mulligan. Billy Oates, formerly the sole owner of the advisor and president of the fund, died in February. Mulligan took over as president of Boston-based Northeast Management and Research after Oates’ death in February.

Nancy Mulligan
Northeast Investors Growth Fund
President


Northeast declined to comment on the subject and no one from the fund’s administrator, ALPS Funds, immediately returned a call for comment.

NTHFX is Northeast’s only fund and it is unclear what will happen to the firm once the fund is liquidated. Northeast has 22 employees. The Northeast Investors Growth Fund was launched in 1980 and has $53.6 million in net assets. The fund closed to purchases on May 19, 2017 and all of its investor's accounts will be liquidated on June 29.

On top of Oates’ death, there was declining interest in the fund over the last few years and the expenses were getting too high to maintain, MFWire has learned.

"It is a stand-alone Fund that does not afford investors different investment opportunities, making it less attractive to new investors. Finally, increasing regulatory burdens and associated costs of operating mutual funds have made it very difficult for the Fund to compete with larger funds that have the scale to manage these costs," the letter says.

The letter also states that Northeast and the fund’s board have been working to reduce the fund’s size for some time.

"The death of Billy Oates, the sole owner of the Advisor and President of the Fund, accelerated this discussion," the letter goes on.

Northeast did not consider selling the fund to another advisor.

Billy Oates graduated from Colby College and Harvard business school and helped found Northeast Management and Research in 1980. He served as a director of the Colby Art Museum, a trustee of Colby College, a director of The Center at Westwoods, a trustee of The Roxbury Latin School and a trustee of Groton School.

"He was a collector, not just of art, books, autographs and porcelain, but of friendships. He was always interested in meeting and making new friends," a biography of Oates on Northeast’s website says.

Oates died on February 14, 2017 at the age of 74 from complications of multiple myeloma. He is survived by his wife, Muffy Oates, and his three daughters, two brothers, and six grandchildren.  

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
2024: Q2Q1
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




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use