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MFWire: Regions Morgan Keegan Select Funds and AmSouth Funds
MUTUAL FUND FAMILY PROFILES [BETA]
To Update this information contact Editors@InvestmentWires.com or call Armie Lee at 212-331-8995 x111.

Regions Financial Corporation
50 North Front Street
Memphis, TN  38103
Google Maps

Contact
Main Phone: 901-524-4100
Web Site: http://www.regions.com

Mutual Fund Brand(s)
Regions Morgan Keegan Select Funds and AmSouth Funds

Research Links
  • SEC Fund Filings by CIK

  • Background:
    The bank exited the mutual fund advisory business as of 2009. Until then had sponsored funds through its Morgan Keegan brokerage arm.

    After dismal performance of its three of its bond funds in 2007 and 2008, the bank transferred the three funds to Hyperion-Brookfield Asset Management in July 2008. The portfolio manager for the trio of funds was James Kelsoe.

    Wells Notice (2009)

    On July 9 2009 the SEC's Atlanta office sent Regions Financial Corp. a "Wells Notice" informing the bank that it faced possible charges over possible violations of federal securities laws. The bank did not identify the funds targeted by the SEC, other than that they were advised by Morgan Asset Management.

    RMK Select Funds

    Separately, it sold its Regions Morgan Keegan Select Funds (RMK Select) to Pioneer Investments in January of 2009. The deal covered 11 RMK Select Funds with approximately $2 billion in AUM that were to be reorganized into either existing Pioneer Funds or new funds. Before the transfer the funds were advised by Morgan Asset Management.

    The RMK Select Funds had operated as the Regions Funds from January 29, 1998 until March 30, 2003. Prior to 1998 they were branded as the First Priority Funds.

    AmSouth Funds

    Regions purchased AmSouth Bank in May 2006. AmSouth had sponsored the AmSouth Funds until June 2005 when it adopted the funds out to Pioneer Investments. At the time of the adoption, the 23 funds held $5.5 billion in AUM.

    The adoption of the AmSouth Funds followed the May 2005 revelation of an SEC investigation into the practices of 27 bank-sponsored mutual fund groups that were alleged to have made improper payments to Bisys Fund Services for marketing expenses that should have been borne by the funds.

    Regions settled the case brought by the SEC in 2008 by paying a $1.5 million civil penalty. It also reimbursed fund shareholders $7.8 million and paid another $2.2 million in interest.
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    Key People:
    O. Hall
    Vice Chairman and Head of Banking Group, Amsouth Investment Services, Inc.
    C. Ritter
    President and CEO and Chairman of the Board, Regions Financial Corporation
    Irene Esteves
    Chief Financial Officer and Senior Executive VP, Regions Financial Corporation
    William Wells
    Senior Executive VP and Chief Risk Officer, Regions Financial Corporation
    Story Archive for Regions Financial Corporation
    Published On Story Headline Publication
    6/19/2013 Mutual Fund Grab Bags Disappoint Rekenthaler MFWire.com
    3/28/2013 The SEC and Ex-Morgan Keegan Directors End Standoff MFWire.com
    3/25/2013 Morgan Keegan Fallout Affects Directors Everywhere MFWire.com
    12/26/2012 Morgan Keegan Fallout Hits an Accounting Bigwig MFWire.com
    12/20/2012 Morgan Keegan Hit by $1.4M Finra Fine MFWire.com
    12/10/2012 SEC Smites Morgan Keegan Fund Directors MFWire.com
    10/26/2012 Horace Grant's Case Against Morgan Keegan Is a Slam Dunk MFWire.com
    10/24/2012 Judge's Reversal Costs Regions $9.2MM MFWire.com
    6/22/2011 Will Regions Sell Morgan Keegan After a $210M Settlement? MFWire.com
    11/3/2010 Horace Grant Attacks a Fund Firm for $3M MFWire.com
    7/28/2010 Legal Troubles Cause Regions' 2Q Loss to Widen MFWire.com
    4/7/2010 SEC Accuses Morgan Keegan of Fraud MFWire.com
    2/22/2010 A Mutual Fund Investor Wins $2.5 Million From Morgan Keegan MFWire.com
    9/29/2009 Morgan Keegan Pays Another $25K in Arbitration MFWire.com
    9/15/2009 Morgan Keegan Will Shell Out $1.46 Million to a Bull MFWire.com
    7/15/2009 Morgan Keegan Finds a Wells Notice on its Doorstep MFWire.com
    6/3/2009 Morgan Keegan Splits Arb Rulings on its Regions Select Funds MFWire.com
    1/22/2009 Regions Sells its Retail Mutual Fund Business MFWire.com
    12/15/2008 Jaffe Lists Objects of Holiday Jeers among Fundsters MFWire.com
    10/7/2008 Atlanta Law Firm Files Arbitration Claim Against Morgan Keegan MFWire.com
    9/24/2008 Regions Settles Probe on AmSouth Funds for $11 Million MFWire.com
    8/1/2008 Morgan Keegan Faces Five More Suits MFWire.com
    7/9/2008 Another Boston Fund Firm Hit with Bond Fund Suit MFWire.com
    7/1/2008 Subprime Fallout Lawsuit Hits Yet Another Ultra-Short Bond Fund MFWire.com
    6/10/2008 Fido Sued Over Bond Fund Losses MFWire.com
    4/22/2008 Regions Boots Morgan Asset Management from Seven Funds MFWire.com
    4/7/2008 Regions is Hit with a Stock-Drop Suit 401kWire.com
    3/7/2008 Morgan Keegan is Sued Again Over Bond Fund Losses MFWire.com
    2/28/2008 The SEC Has Come Knocking on Morgan Keegan's Door MFWire.com
    2/22/2008 Regions Faces More Company Stock Flak 401kWire.com
    2/13/2008 An Alabama Bank Gets the Stock-Drop Suit Treatment 401kWire.com
    1/25/2008 Morgan Keegan is Slapped with 4 More Suits Over Bond Fund Losses MFWire.com
    1/8/2008 Morgan Keegan, Fund Manager Face FINRA Arbitration Complaints over Bond Fund Losses MFWire.com
    12/12/2007 Morningstar Takes A Look at the Funds Hard-Hit by the Subprime Crisis MFWire.com
    12/6/2007 More Bond Fund Investors Seek Legal Aid to Recoup Losses MFWire.com
    10/5/2007 Filing for RMK Fund Offers Look into Valuation After Subprime Mess MFWire.com
    9/18/2007 Have Bond Funds Caught Subprime Flu? MFWire.com
    9/11/2007 Arrow Slashes Fund's Expense Ratio MFWire.com
    8/15/2007 Regions is Heard on the Street MFWire.com
    10/30/2006 Fund Firms Probed Over Agreements With Bisys MFWire
    10/27/2006 Treadway Will Shell Out Dough, SEC Moves On MFWire
    2/8/2006 Morgan Keegan To Settle With SEC MFWire
    10/17/2005 Pioneer on the Prowl MFWire.com
    9/26/2005 Pioneer Wraps Up Amsouth Deal MFWire.com
    8/25/2005 Bisys Probe Fallout Lands on Amsouth MFWire.com
    6/28/2005 Bank Says Bye Bye to Fund Biz MFWire.com
    3/23/2005 Fund Firms Leak Account Numbers MFWire.com
    1/28/2005 M&A Talk is Ticking Up 401kWire.com
    4/5/2004 BISYS Hires for Distribution Group MFWire.com
    4/17/2003 An Opportunity for Outsourcers? 401kWire.com
    3/18/2003 Vendor Reaps TPAs Via Key Allies 401kWire.com
    2/11/2003 403b Specialist Mixes in K-Plans 401kWire.com
    7/1/2002 Rockhaven Gets Stronger MFWire.com
    4/29/2002 A Closer Look at Invesco Retirement 401kWire.com
    12/10/2001 Facelift for Regions Funds MFWire.com
    10/27/1997 Barber Dairies Bundles with Merrill Lynch 401kWire.com
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