Sentinel Investments is officially in the SRI business. The Montpelier, Vermont-based company has completed the acquisition of Citizens Funds, announced in November of last year.
The deal brought Sentinel $740 million in assets and approximately 20,000 shareholder accounts. Citizens' eight funds were either reorganized into existing Sentinel funds or made into new funds altogether.
Christian Thwaites, president and chief executive officer of Sentinel Asset Management, is not ruling out any future acquisitions. "As industry consolidation continues, Sentinel is committed to pursuing more opportunities to strengthen our business and serve our shareholders," he said in the release.
Company Press Release
MONTPELIER, VT (April 15, 2008) - Sentinel Investments, the investment management arm
of Vermont-based National Life Group, announced today that it successfully completed the
acquisition of the Citizens Funds from Citizens Advisers of Portsmouth, New Hampshire. Nearly
$740 million in assets and approximately 20,000 shareholder accounts transferred over to the
Sentinel organization as a result of the acquisition. The Citizens transaction increases Sentinel's
assets under management to approximately $18 billion today.
Under the agreement, each of Citizens' eight funds were reorganized into existing or new Sentinel
funds. With the completion of the transaction, Sentinel proudly launched its first mutual funds
focused on sustainable investing--Sentinel Sustainable Core Opportunities Fund (Class A
symbol: MYPVX) and Sentinel Sustainable Emerging Companies Fund (Class A symbol:
WAEGX). The new funds intend to adopt Citizens' comprehensive social screening process,
shareholder advocacy and proxy voting guidelines.
"We are delighted that Citizens' shareholders approved this reorganization," said Christian
Thwaites, President and Chief Executive Officer of Sentinel Asset Management, Inc. "We are
firmly committed to carrying on Citizens' great work in sustainable and socially responsible
investing, and we take great pride that Citizens funds shareholders' have given us their vote of
approval. They can certainly expect continuity, a high level of customer service, and a broad and
very competitive product offering managed by a highly regarded investment management
organization."
Thwaites added, "This is our third mutual fund transaction in the past three years and it is another
example of our ability to execute our strategy of growing our business through a combination of
organic growth and selected acquisitions. As industry consolidation continues, Sentinel is
committed to pursuing more opportunities to strengthen our business and serve our shareholders."
The eight Citizens Funds were reorganized into Sentinel Funds as follows:
Citizens Fund reorganized into:------ New Sentinel Sustainable Fund
Citizens Core Growth Fund -------------Sentinel Sustainable Core Opportunities Fund
Citizens Value Fund ----------------------Sentinel Sustainable Core Opportunities Fund
Citizens Emerging Growth Fund -------Sentinel Sustainable Emerging Companies Fund
Citizens Small Cap Core Growth Fund --Sentinel Sustainable Emerging Companies Fund
Citizens Fund reorganized into: Existing Sentinel Fund
Citizens Global Equity Fund------ Sentinel International Equity Fund
Citizens Balanced Fund ------------Sentinel Balanced Fund
Citizens Income Fund --------------Sentinel Government Securities Fund
Citizens Money Market Fund -----Sentinel U.S. Treasury Money Market Fund
About Sentinel Investments
Sentinel Investments is a member of National Life Group and manages nearly $18 billion in
mutual funds, insurance portfolios and institutional accounts. Sentinel Funds has a history
that dates back nearly 75 years when its flagship fund--Sentinel Common Stock Fund--was
launched. Sentinel Investments offers the Sentinel family of mutual funds, as well as
retirement plan solutions and institutional investment management. The company is
headquartered in Montpelier, VT, with offices in New York, Philadelphia and San
Francisco. Sentinel Investments is the unifying brand name for Sentinel Asset Management,
Inc., Sentinel Financial Services Company and Sentinel Administrative Services, Inc.
Sentinel Funds are distributed by Sentinel Financial Services Company, One National Life
Drive, Montpelier, VT 05604, 800.233.4332, sentinelinvestments.com.
For more complete information about Sentinel Funds, please call 1.800.282.FUND or visit
us online at www.sentinelinvestments.com.
Consider a fund's objectives, risks, charges and expenses carefully before investing. The
prospectus contains this and other information about the Fund and is available from your
financial advisor or www.sentinelinvestments.com. Please read the prospectus carefully
before you invest.
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