Chicago-based Shepherd Smith Edwards & Kantas LLP is investigating losses in The Asset Management Fund'sUltra Short Fund.
"The question on many investors' minds may be, given the credit crunch over the past year, why did a conservative fund continue to invest in such esoteric products as hybrid ARMs?" attorneys at Shepherd Smith Edwards & Kantas said in a news release.
Company Press Release
CHICAGO, Aug 22, 2008 (GlobeNewswire via COMTEX) -- The Securities Law Firm of Shepherd Smith Edwards & Kantas LLP, www.sseklaw.com, is currently investigating claims on behalf of purchasers of The Asset Management Fund's ("AMF") Ultra Short Fund.
On its website, AMF describes itself is a no-load mutual fund complex managed by Shay Assets Management, Inc., a privately-held investment adviser registered with the Securities and Exchange Commission ("SEC"). The AMF Funds are distributed by Shay Financial Services, Inc., a member of FINRA and SIPC. Shay Asset Management's corporate headquarters are located in Chicago, Illinois.
The Ultra Short Fund's objective is listed as "current income with a very low degree of share-price fluctuation." However, the fund has declined more than 15% year to date. For investors seeking a very low degree of price fluctuation, such returns may be unacceptable. According to public disclosures, the Fund was heavily invested in Adjustable Rate Mortgages ("ARMs"), specifically "hybrid ARMs" and "LIBOR ARMs." The question on many investors' minds may be, given the credit crunch over the past year, why did a conservative fund continue to invest in such esoteric products as hybrid ARMs? The fund did not begin its serious decline until May of this year.
Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law. Since 1990, we have represented thousands of investors nationwide to recover losses. We have represented clients in Federal and state courts and in arbitration through the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions. Collectively, we have represented over 1,000 investors over the last 18 years and our clients have recovered more than $100 million through our assistance in negotiation, mediation, arbitration and litigation.
This news release was distributed by GlobeNewswire, www.globenewswire.com
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