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 |
|
Monday, August 16, 2010 Advisor Pulls the Plug on Electric City Funds Mohawk Asset Management is cutting the power to its Electric City Funds, Inc [see profile]. The Scotia, New York-based fund sponsor will turn off the funds at the end of the month after the funds' board of directors voted on the move last Friday. [SEC filing] The sole fund in the family is the Electric City Value Fund, which held just $2.03 million of assets at the end of May. Mohawk president James Denney launched the fund in December 2009 and has been the fund's sole portfolio manager. The firm did not reveal why the decision to liquidate the funds was made. However, lack of growth in the family's sole fund -- Electric City Value had just $2 million in assets -- may well have played a role. Five years ago Denney told a local business paper that he had not put significant effort into marketing the funds, having until that time primarily sold them to family and friends. In that interview he added that his plan was to focus in building distribution through advisors. Shareholders will see their assets moved to cash by August 23, the date by which Mohawk will finish liquidating the portfolio. Mutual Shareholders Services is the back-office provider to the funds. Printed from: MFWire.com/story.asp?s=33159 Copyright 2010, InvestmentWires, Inc. All Rights Reserved |