RS Works Out Deal with Oak Value for Portfolio Team

A news release said the agreement is for the portfolio management team to join RS and to acquire certain assets of Oak Value, including its investment management relationships.  

Based in Chapel Hill, North Carolina, Oak Value serves as investment adviser to Oak Value Fund (OAKVX). The firm is an employee-owned investment management firm founded in 1986 with approximately $190 million in assets under management. 

“The capabilities of this team are reflected in the strong track record of the Oak Value Fund, and we look forward to welcoming the firm’s key investment professionals to RS,” said Terry Otton, chief executive officer of RS Investments, in the announcement.  

Joining RS Investments will be co-portfolio managers David R. Carr, Jr., who co-founded Oak Value in 1986, Larry D. Coats, Jr., who joined the firm in 1994, and Christy L. Philips, who joined in 2003, as well as other employees.  Once the transaction is final, the portfolio management team members will become RS Investments employees. 

The adoption of the Oak Value Fund into the RS fund family has been approved by the fund boards of both mutual fund families and is subject to the approval of Oak Value Fund’s shareholders. The transaction between RS and Oak Value and the adoption of the Oak Value Fund into the RS fund family are expected to be completed by this fall.