A news release said that closing of the transaction is expected by the end of the year and is subject to approval by the Fremont Funds’ shareholders. Closing is also subject to the satisfactory settlement of regulators’ inquiries into possible market timing at Freemont (See SEC Begins Fremont Probe ).
A “significant” number of FIA’s employees are expected to transfer to The Managers Funds, and The Managers Funds will open a San Francisco office, the announcement said. Also, the “vast majority” of investment staff, including the subadvisors, responsible for managing the Fremont Funds are expected to continue in their current roles with AMG, the companies said.
The Managers Funds is the advisor to 27 mutual funds with a total of approximately $5 billion in AUM. The Managers Funds’ existing fund families consist of the Managers Funds, a family of primarily no-load mutual funds, and the Managers AMG Funds, a series of mutual funds managed by AMG Affiliates.
The Managers Funds are distributed to retail and institutional clients directly and through intermediaries including independent investment advisors, 401(k) plan sponsors and alliances, broker-dealers, major fund marketplaces, and bank trust departments.
For more information, go to www.managersfunds.com .