According to a news media announcement, Evergreen will acquire:
- Undiscovered Managers Small Cap Value Fund
- Undiscovered Managers Mid Cap Value Fund
- Undiscovered Managers Merger & Acquisition Fund.
Terms of the cash transaction were not disclosed. Evergreen Investments acquired the sub-advisor to the three funds, JL Kaplan Associates, LLC, in November 2002 (See Wachovia Unit Picks Up Boston Money Manager ).
Founded in 1976, JL Kaplan Associates, LLC has approximately $3 billion in assets under management and invests in small and middle capitalization companies that management views as high quality, are reasonably easy to understand, have favorable long-term prospects, are managed by competent individuals with integrity, and are available at a price that represents a discount from its intrinsic value.
Evergreen Investments is the asset management division of Wachovia Corp.