MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, July 31, 2008 In-Kind Invoked By ChiTown Fund In Thursday's WSJ FundTrack, Diya Gullapalli reports on a fund shop's decision to activate "in-kind redemptions," following a rush of redemptions. Asset Management Fund, a mutual fund complex run by Shay Asset Management, activated the in-kind redemption policy of its AMF Ultra Short Mortgage Fund earlier this year. The in-kind redemptions give the shareholders of the fund who wish to redeem shares, not cash but securities and weak mortgage bonds. Rodger Shay, chairman of Asset Management Fund, tells Gullapalli that his company decided that paying departing investors in cash would have caused harm to the remaining shareholders. It "wouldn't have been fair," he said. Thursday's Fund Track also mentions Pimco's recent decision to get into the ETF business (see MFWire, July 29, 2008). Printed from: MFWire.com/story.asp?s=18920 Copyright 2008, InvestmentWires, Inc. All Rights Reserved |