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Rating:Denver Fund Firm Shakes Up its Lineup Not Rated 4.0 Email Routing List Email & Route  Print Print
Tuesday, January 06, 2004

Denver Fund Firm Shakes Up its Lineup

by: Sean Hanna, Editor in Chief

Transamerica Investment Management is planning restructure and trim its lineup of IDEX mutual funds. In the process it is eliminating a trio of relationships with scandal-tainted fund firms and reducing management fees and altering investment objectives on some funds. The plans were laid out for shareholders in a SEC filing made Monday.

A spokesperson for Transamerica Investment Management, which is an affiliate of Aegon based in Denver, was not immediately available for comment on the moves.

As part of the changes the insurer will eliminate subadvisory mandates now held by Janus Capital, PBHG, Fred Alger, Ironwood Capital Management and Luther King Capital Management. Three of those firms -- Janus, PBHG and Alger -- have been implicated in last fall's mutual fund trading scandals. The five subadvisors would lose the mandates if the plans are approved by shareholders at a special meeting. As of now no date for the meeting has been announced.

For all but one of the funds Transamerica Investment Management will take over the role of subadvisor to the fund.

Janus will lose one mandate when the IDEX Janus Global fund is merged into the IDEX Templeton Great Companies Global fund that is subadvised by Templeton Investment Counsel and Great Companies. IDEX Janus Growth & Income, a second fund subadvised by Janus will be merged into IDEX Janus Balanced. The resulting fund will be renamed as IDEX Transamerica Balanced and Transamerica Investment Management will take over as subadvisor. Janus will also lose its mandate on the IDEX Janus Flexible Income. That fund will be restructured as IDEX Transamerica Flexible Income effective the close of business on or about February 29, 2004 if the changes are approved at a February 25 shareholders meeting.

Transamerica also plans to merge its IDEX PBHG Mid Cap Growth into the Transamerica-subadvised IDEX Transamerica Growth Opportunities fund.

Additionally, the IDEX Alger Aggressive Growth will be merged into IDEX Transamerica Equity fund and the funds management fees will be reduced to 75 basis points on the first $500 million of average daily net assets; and 70 bps for assets over the $500 million mark. The funds' expense cap will also be reduced to 120 bps. on average daily net assets.

In another move the IDEX LKCM Strategic Total Return to be merged into IDEX Transamerica Value and its management fees will be reduced to 75 bps. of the first $500 million of average daily net assets and 65 bps. of average daily net assets over $500 million.

Finally, the IDEX Isabelle Small Cap Value will be restructured as IDEX Transamerica Small/MidCap Value effective the close of business on February 29, 2004. Transamerica Investment Management will take over as subadvisor from Ironwood Capital Management and the funds fees will be cut to 85 basis points of the first $500 million of average daily net assets and 80 basis point on daily average assets of more than $500 million.

Meanwhile two other IDEX funds will retain their subadvisors will undergoing name and investment objective changes.

At the end of February, the IDEX American Century Income & Growth to be restructured as IDEX American Century Large Company Value change its investment objective from "seeks dividend growth, current income and capital appreciation by investing in common stock" to "seeks long- term growth of capital. Income is a secondary objective." The fund will retain its existing fee structure.

At the same time the IDEX Jennison Equity Opportunity to be restructured as IDEX Jennison Growth and alter its investment strategy. 

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