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

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

Rating:No Rubber Stamp Here Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, September 4, 2002

No Rubber Stamp Here

by: Sean Hanna, Editor in Chief

The bear market is causing many fund firms to take a step back and reevaluate their product line-up. The goal, of course, is to weed out those products that no longer are marketable and are costing more than they bring in.

Actually closing these funds, though, is not always so easy as sometimes, fund shareholders do have a mind of their own.

The latest fund firm to discover this was American Century, which is trying to close its Global Natural Resources fund. The reason for the closing is apparent; the fund has attracted just $26 million in assets after eight years and is not in a hot sector so there is little help that sales will pick up.

Rather than merge the fund (as it has always done with such funds in the past), American Century proposed liquidating it. All that was needed was shareholder approval, typically a given.

Yet, when the votes were counted the proposal failed to receive the necessary votes.

One reason for the failure for the proposal to gain enough votes may have been a glitch in the process. American Century found a mistake mailed in the proxy mailed to shareholders and had to send a second package.

That duplicate mailing may have confused enough shareholders to twist the vote.

Whatever the reason, American Century officials are now mulling over their next step. One possibility is to have shareholders vote on the proposal all over again. 

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