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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.
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Regions Financial Corporation
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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
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Background:
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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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Sponsored Opportunities
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Key People:
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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 |
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