Mutual Fund Investment Trust Seeks Fund Merger
December 18, 2000
Mutual Fund Investment Trust of New York has filed a proxy statement with the Securities and Exchange Commission seeking to merge the H&Q IPO & Emerging Company Fund, a series of Hambrecht & Quist Fund Trust of San Francisco, with Mutual Fund Investment Trust's newly-created Chase Vista H&Q IPO & Emerging Company Fund. The Hambrecht & Quist Group was recently acquired by The Chase Manhattan Bank of New York.
The H&Q IPO Fund, which was introduced in October 1999, had $18.09 million in total net assets as of Dec. 13. The merger will increase operational and administrative efficiencies by bringing the H&Q IPO Fund into a larger fund family, according to the filing.
The Chase Vista H&Q IPO Fund may invest up to 20 percent of its total assets in foreign securities. It may also invest up to 20 percent of its assets in convertible securities, which generally pay interest or dividends and which can be converted into common or preferred stock, according to the SEC filing. The merger has to be approved by H&Q IPO Fund shareholders.