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 |
|
Wednesday, August 3, 2011 Virtus Plans to Merge Two Tax-Exempt Funds A four-star Virtus [see profile] fund may soon be swallowed by a five-star one. Yesterday the Hartford, Connecticut-based mutual fund firm revealed plans to merge the $79.3-million Virtus Intermediate Tax-Exempt Bond Fund into the $137.9-million Virtus Tax-Exempt Bond Fund [see filing]. A Virtus spokesman was not immediately able to comment on the move. In a letter to be sent to the funds' shareholders, Virtus explained that the merger (which will be paid for by Virtus) should "result in greater operating efficiencies [i.e. lower costs] for shareholders of Intermediate Tax-Exempt Bond". Pending shareholder approval at a meeting on September 16, the funds are slated to merge on September 23. Both funds are PMed by Michael Janik and George Selby. Printed from: MFWire.com/story.asp?s=37491 Copyright 2011, InvestmentWires, Inc. All Rights Reserved |