MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, May 17, 2006 Guardian To Buy Majority Stake In RS Investments The Guardian Life Insurance Company of America will purchase a 65-percent stake in RS Investments, officials of both firms said Wednesday. The transaction, subject to approval by regulators and the board and shareholders of the RS mutual funds, is expected to be completed in late July or early August, officials said. RS, a San Francisco-based investment management firm specializing in growth and value mutual funds, will operate as an independent subsidiary of Guardian. "We are creating a mutually beneficial organization that offers growth opportunities for both firms," said Dennis Manning, chief executive of New York-based Guardian, in an interview. RS chief executive Terry Otton, who will continue to lead the firm, said the transaction will not result in changes to RS' portfolio management teams. The firms are planning to integrate all Guardian-sponsored funds into the RS mutual fund family. The integration, subject to the approval of the board of trustees of both fund families and the shareholders of the Guardian-sponsored funds, will increase RS' assets under management to more than $17 billion from about $11.8 billion at present. Printed from: MFWire.com/story.asp?s=11835 Copyright 2006, InvestmentWires, Inc. All Rights Reserved |