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, August 15, 2007 Thornburg Assures Staff Mortgage Arm's Woes Not Affecting Funds The mounting turmoil at Thornburg Mortgage has prompted Thornburg Investment Management to post a statement on its website and forward a statement to staff, assuring them that the two businesses have been kept completely separate. The statement explains that no mutual funds managed by Thornburg Investment Management have invested in any debt or equity issued by Thornburg Mortgage. Also, Thornburg Securities, the mutual fund's distributor, has no "financial interaction" with Thornburg Mortgage, according to the statement. Furthermore, the statement says that there is "no overlap in the personnel that manage daily operations of Thornburg Mortgage and Thornburg Investment Management." Mounting mortgage defaults have caused Thornburg Mortgage to put off paying its dividend from August 15 to Sept. 17. The WSJ reported yesterday that shares of Thornburg Mortgage stock fell to $6.63; on June 30 the shares were trading at $19.38. There is one thing the companies do have in common, though, and his name is Garrett Thornburg. He founder both companies, Thornburg Investment Management in 1982 and Thornburg Mortgage in 1993. Below is the full text of the letter. The businesses of Thornburg Investment Management are not related to the business of Thornburg Mortgage (NYSE:TMA). Mutual funds and other client accounts managed by Thornburg Investment Management have no investments in any debt or equity issued by Thornburg Mortgage. By policy of Thornburg Investment Management, client accounts managed by Thornburg Investment have never invested in debt or equity issued by Thornburg Mortgage. Thornburg mutual funds and other client accounts managed by Thornburg Investment Management do not have any borrowed funds. Thornburg Securities acts as distributor for mutual funds managed by Thornburg Investment Management. Thornburg Securities also has no financial interaction with Thornburg Mortgage. Thornburg Investment Management was founded by Garrett Thornburg in 1982. Thornburg Mortgage was founded by Garrett Thornburg in 1993 as a separate business operation. Mr. Thornburg is Chairman of both Thornburg Mortgage and Thornburg Investment Management. There is no overlap in the personnel that manage daily operations of Thornburg Mortgage and Thornburg Investment Management. Printed from: MFWire.com/story.asp?s=15402 Copyright 2007, InvestmentWires, Inc. All Rights Reserved |