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Rating:Denver Firm Signs on with Fair Pricing Service Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, October 21, 2003

Denver Firm Signs on with Fair Pricing Service

by: Sean Hanna, Editor in Chief

The recent scandals involving hedge funds arbitraging mutual funds has most of the industry on the run. That is leaving a handful of firms in the position of catching them. One of those beneficiaries is FT Interactive Data.

Westcore Funds is the newest client of FT Interactive Data's Fair Value Information Service. The funds are sponsored by Denver Investment Advisors. The service assists fund firms in determining fair value for securities in which current prices are unavailable or "stale" at the time of its NAV calculation.

However, in this case the fund firm was looking at using the product even before the recent scandals broke in early September. Jasper Frontz, treasurer of the Westcore Funds, said the firm had been testing and evaluating the system for "several months."

He added that the funds will adopt the system as a way to deter market-timers from exploiting the funds. Westcore offers 11 mutual funds with nearly $6 billion in assets. That lineup includes seven equity funds, three fixed income funds and a money market fund.  

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