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Tuesday, July 27, 2010|
PineBridge Throws in the Towel on Mid Cap Growth
Not all of the old Brazos Funds are making a smooth transition through their rebranding. PineBridge Investments is shuttering its PineBridge US Mid Cap Growth Fund (PBDRX) citing "its current size and limited prospects for future growth." [SEC filing
In regulatory filings the fund listed $40.3 million in net assets at the end of February. The fund carries a three-star rating from Morningstar.
PineBridge offers another three mutual funds to shareholders. Last March, AIG sold the advisor to then then-Brazos Mutual Funds to Cayman Islands-based Bridge Partners LLP. Bridge is controlled by a Hong Kong-based investor.
PineBridge recommended to the trustees to close the fund as it "is not likely to reach sufficient size to become economically viable in the foreseeable future." The fund plans to liquidate its investment on September 27, 2010 and it is no longer accepting new money.
The decision to shutter the fund comes just a month after Jamie Cuellar and Craig Swann replaced Michael Allocco as co-portfolio managers on the fund. No explanation for that change was provided when it was disclosed on June 24. Allocco had been with the fund family since it was part of John McStay Investment Counsel in the Nineties.
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