Wasatch Advisors was not in the market for an acquisition when it heard about the potential sale of 1st Source Bank's Monogram Funds. But the Salt Lake City-based firm ended up making its first acquisition since the company's founding in 1975.

In an interview with The MFWire, Eric Huefner, Wasatch's director of mutual funds, narrated how the deal, announced this week (see The MFWire August 26, 2008), came to be.

"The deal was bought about by a former 1st Source employee, Brian Bythrow, that joined Wasatch five years ago, " Huefner said. Bythrow kept in touch with the people at 1st source over the years and told his colleagues at Wasatch about the company's decision to sell its fund family.

"We had synergy with portfolio managers Ralph Shive and Michael Shinnick and thought they would be good additions to our team," Heufner said. "Our goal in the sale was not to grow but to pick up additional investing perspective," he added.

The deal, expected to close by yearend, will bring three mutual funds to Wasatch, raising the total number of Wasatch funds to 18. 

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