Integrity Mutual Funds will merge two recently acquired funds into a newly created fund. The Minot, North Dakota-based fund advisor will fold $56 million in assets from the
IPS Millennium and New Frontier Funds into its new Integrity Growth & Income Fund for which it will serve as the subadvisor.
Integrity purchased the IPS funds on April 25, 2005. The new fund will also look for undervalued stocks based on a discounted free cash flow model. Robert Loest will manage the new Growth & Income Fund.
Robert Walstad, Integrity's CEO and chairman, said that the adoptions are part of the firm's efforts to expand the scope of its distribution and to provide a broader, more diversified family of funds to shareholders.
"IPS is a respected adviser in the free cash flow investment discipline, and we are excited to be able to offer this new product to our shareholders," Walstad continued.
Integrity Mutual Funds claims $400 million in assets under management with 18 mutual funds and is listed on the OTC Bulletin Board.
 
Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE