Fidelity, JPMorgan Shuffle Fund Managers
07/17/08 - 09:42 AM EDT
Kevin Baker
Both the Fidelity Select Banking Portfolio and JPMorgan Tax Aware U.S. Equity Fund have been losing money of late, and we wish these two new fund managers well in their mission to turn the funds' fortunes around.
Federated Investors This week Federated Investors announced the pending acquisition of the Prudent Bear Fund(BEARX Quote - Cramer on BEARX - Stock Picks) and the Prudent Global Income Fund(PSAFX Quote - Cramer on PSAFX - Stock Picks) from David W. Tice & Associates. The funds, with $1.2 billion and $507 million in net assets respectively, are to be purchased for $43 million plus up to $99.5 million over four years. The purchase would allow Prudent shareholders to diversify into 147 equity and fixed-income mutual funds of Federated. Doug Noland is slated to become a Senior Vice President of Federated and would retain the senior role in portfolio management of both funds. Likewise, Patrick Ryan Bend, CFA, plans to stay as the portfolio manager for the re-branded, Federated Prudent Bear Fund. Founder David Tice, CFA, joins Federated as a chief portfolio strategist.
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