Turner Will Add Value Funds Using Existing Partnership
February 26, 2001
Turner Investment Partners of Berwyn, Pa. will add three value funds and one bond fund to the firm's growth and fixed-income mutual funds, according to the company.
The additions are part of a plan to reorganize a partnership Turner has with Clover Capital Management of Pittsford, N.Y. Currently, the two firms operate independently but pool their assets in order to achieve economies of scale. Under the new arrangement, Turner will be the funds' adviser and will handle their distribution while Clover will be the sub-adviser and will focus solely on the management of the funds' assets.
As part of the reorganization, the funds will be renamed using the Turner name. The Clover Small Cap Value Fund will become the Turner Small Cap Value Fund; the Clover Equity Value Fund will become the Turner Midcap Value Fund; the Clover Max Cap Fund will become the Turner Large Cap Value Fund; and the Clover Fixed Income Fund will become the Turner CorePlus Fixed Income Fund.
Turner managed $10 billion in assets as of Feb. 20, while Clover managed $1.2 billion in assets, according to Turner.