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Monday, August 31, 2015|
American Beacon Prepares to Adopt a Growth Fund
American Beacon [profile] is preparing to effectively take over another mutual fund run by one of its subadvisors while keeping that subadvisor involved.
On Thursday the board of the four-star, $156.9-million Bridgeway Large-Cap Growth Fund [profile] approved a plan to reorganize the mutual fund into a brand new one, the American Beacon Bridgeway Large Cap Growth Fund. Pending shareholder approval, the reorg is slated for next quarter.
MFWire could not immediately reach a Bridgeway spokesperson for comment for this story. A spokesman for American Beacon declined to comment and referred MFWire to the filing.
This is the second time that American Beacon has effectively adopted a Bridgeway mutual fund. American Beacon already advises, with Bridgeway subadvising, the five-star, $1.8-billion American Beacon Bridgeway Large Cap Value Fund.
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