The Managers Funds Will Acquire Smith Breeden Retail Funds
May 29, 2000
The Managers Funds LLC of Norwalk, Conn., will acquire the retail business of Smith Breeden Associates of Chapel Hill, N.C., for an undisclosed amount, said Peter M. Lebovitz, president of Managers. Smith Breeden shareholders are scheduled to vote on the deal in July.
Smith Breeden has three no-load funds with $242.6 million in assets under management. Smith Breeden will be retained as the sub-adviser to the funds and Managers will assume all marketing and back-office responsibilities, said Michael J. Giarla, president of Smith Breeden Mutual Funds.
Managers acquired Smith Breeden's U.S. Equity Market Plus, Short Duration U.S. Government and Intermediate Duration U.S. Government Funds. The funds' names will be changed to Managers 500 Plus Funds, Managers Short Duration Government Fund and Managers Intermediate Government Fund, respectively.
There are no immediate plans to reduce fees or expenses, Lebovitz said.
The two government funds will round out the firm's offering of fixed-income funds, while the enhanced index fund will be Managers' first indexed product, he said.
Managers has $3.2 billion in assets under management and 11 fixed-income and equity mutual funds.