SKBA Capital has landed a new sub-advising mandate. The company will sub-advise the Opportunistic Value Fund, part of the CNI Charter Funds. The fund commenced operations, with an initial offering of E Shares on June 26, 2008, according to an SEC filing.
Company Press Release
SAN FRANCISCO, Jul 16, 2008 (PrimeNewswire via COMTEX) -- SKBA Capital Management, a specialist in managing and advising value-oriented investment strategies for institutional and individual investors since 1989, is pleased to announce that the firm has been retained as sub-adviser of a new collective investment fund managed by SEI Trust Company. The fund invests in large- and mid-capitalization U.S. stocks that SEI Trust Company, in consultation with SKBA Capital, considers to be undervalued.
The new fund, known as the SKBA Value Plus Collective Investment Fund, is part of the Convergent Capital Institutional Master Trust*, maintained and managed by SEI Trust Company, which also serves as trustee. SKBA Capital is an affiliate of Convergent Capital Management LLC, a Chicago-based multi-boutique asset management holding company.
San Francisco-based SKBA Capital also has been retained as sub-adviser of the Opportunistic Value Fund, a series of the CNI Charter Funds**, with a $50 million investment from an existing corporate client. "SKBA sought to preserve the features of the firm's separately managed value opportunity strategy and combine them with the flexibility of a mutual fund," said Josh Rothe, president and director of equity research. City National Asset Management, Inc., SKBA's affiliate and a subsidiary of City National Corporation, serves as adviser and Oaks, PA-based SEI Global Services Inc. serves as administrator of this new CNI mutual fund.
"Both our Value Plus Collective Investment Fund and CNI Charter Funds Opportunistic Value Fund are very well suited to the retirement plan market and we think they will be particularly useful for 401(k) plans," said Andrew W. Bischel, CEO and chief investment officer of SKBA Capital.
The collective investment fund and the mutual fund are new versions of successful existing strategies that have been offered to institutions and individual investors since 1989 and 1996, respectively, by SKBA Capital. Both funds provide cost effectiveness and daily pricing to defined contribution and defined benefit retirement plans. The initial client for the SKBA Value Plus Collective Investment Fund, which invests exclusively in dividend-paying stocks, is the Convergent Capital Management 401(k) plan. "SKBA and Convergent Capital employees are providing the seed capital for the new option," said Rothe.
About SEI
SEI Trust Company is a trust company organized under the laws of the Commonwealth of Pennsylvania. SEI Trust Company and SEI Global Services Inc. are wholly owned subsidiaries of SEI Investments Company (SEI).
SEI is a leading global provider of outsourced asset management, investment processing and investment operations solutions. The company's innovative solutions help corporations, financial institutions, financial advisers, and affluent families create and manage wealth. As of March 31, 2008, through its subsidiaries and partnerships in which the company has a significant interest, SEI administers $424 billion in mutual fund and pooled assets and manages $185 billion in assets. SEI serves clients, conducts or is registered to conduct business and/or operations from more than 20 offices in over a dozen countries. For more information, visit www.seic.com.
About City National Asset Management, Inc.
City National Asset Management, Inc. is a registered investment adviser and a wholly owned subsidiary of City National Bank ("CNB"), a federally chartered commercial bank founded in the early 1950s, with approximately $7.5 billion in assets under management as of March 31, 2008. CNB is itself a wholly owned subsidiary of City National Corporation, a NYSE listed company. CNB has provided trust and fiduciary services, including investment management services to individuals, pension and profit sharing plans, endowments and foundations. As of December 31, 2007, CNB and its affiliates had approximately $59 billion in assets under administration, which includes $37.8 billion in assets under management.
About SKBA Capital Management
Founded in 1989, San Francisco-based SKBA Capital Management is a specialist in value investing. SKBA Capital applies a consistent, disciplined approach to discover opportunities spanning the value spectrum - from deep and core value to equity income. SKBA Capital is an affiliate of Chicago-based Convergent Capital Management LLC, a diversified multi-boutique asset management holding company that is a subsidiary of City National Corporation, a publicly traded financial services company headquartered in Los Angeles. For more information about SKBA Capital, please visit the company's website at www.skba.com.
About Convergent Capital Management
Convergent Capital Management LLC (CCM) is a Chicago-based diversified multi-boutique asset management holding company formed in 1994. CCM's eight affiliates, with a combined $30 billion in assets under management as of March 31, 2008, provide investment services to institutions and individuals. CCM is a subsidiary of City National Corporation, a publicly traded financial services company headquartered in Los Angeles. For more information about Convergent Capital Management and CCM's affiliates please visit the company's website at www.convergentcapital.com.
There are risks involved with investing, including loss of principal.
To determine if the CNI Charter Funds Opportunistic Value Fund is an appropriate investment for you, carefully consider the fund's investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund's prospectus, which may be obtained by calling 888-889-0799. Please read it carefully before investing.
The CNI Charter Funds Opportunistic Value Fund is distributed by SEI Investments Distribution Co., which is not affiliated with SKBA Capital Management or City National Asset Management, Inc., or their affiliates.
Collective Investment Funds are available only to certain qualified employee benefit plans and governmental plans and are not offered to the general public.
* The Master Trust is a trust for the collective investment of assets of participating tax-qualified pension and profit sharing plans and related trusts, and governmental plans, as more fully described in the Declaration of Trust for the Master Trust. The Master Trust consists of separate collective investment funds as established from time to time in accordance with the Declaration of Trust for the Master Trust.
** The CNI Charter Funds is a group of mutual funds sponsored by City National Bank, a wholly owned subsidiary of City National Corporation.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: SKBA Capital Management
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