One CO Firm Buys Another's Funds
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Thursday, February 13, 2020

One CO Firm Buys Another's Funds

A pair of mutual fund firms in Colorado are preparing to do a deal.

Stephen Craig Rogers
Shelton Capital Management
Yesterday, Steve Rogers, CEO of Shelton Capital Management, and Craig Callahan, founder of Icon Advisers, confirmed that Shelton will take over Icon's 17-fund family. Shelton will adopt most of the Icon funds, stepping in as investment advisor and keeping Icon on as subadvisor. Yet a Shelton team will take on PMing the Icon Emerging Markets Fund, and the Icon International Equity Fund will be merged into Shelton's International Select Equity Fund. Shelton is based in Denver, while Icon is based in nearby Greenwood Village.

The deal is pending fund shareholder approval. Berkshire Global Advisors advised Icon on the deal.

Callahan and Rogers reveal that they expect the deal to cut fund operating expenses by $1.8 million per year. Rogers lauds Icon as "an industry innovator with an outstanding lineup of investment offerings."

"Our investment research is time tested and well known in the industry for adding value," Callahan states. "This transaction enables us to focus on what we do best."

Callahan founded Meridian Investment Management in 1986. The firm launched its first mutual fund in 1997, and in 2004 the firm rebranded as Icon Advisers.

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