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 |
|
Monday, December 19, 2011 Pearl to Pull the Plug on its Mutual Fund Biz Pearl Management Company is getting out of the mutual fund business. The Muscatine, Iowa-based firm plans to liquidate its two mutual funds, the $73.9 million Pearl Total Return and the $37.9 million Pearl Aggressive Growth. [SEC filing] "We believe it is no longer possible for a small fund of funds to operate with reasonable costs," wrote Pearl Management Company president Richard Phillips and Pearl Mutual Funds chairman of the board James Stein in a letter to fund shareholders today. They pointed to the costs of government laws, rules and regulations as making it difficult to continue operating the funds. "For many years our Funds had a total expense ratio of below 1%, but now it is 1.20%. Both Funds are not yet able to pay all their own expenses; the excess over 1.20 percent is paid by our Manager, Pearl Management Company," Phillips and Stein wrote. The funds' shares will be redeemed to shareholders on September 28, 2012. Printed from: MFWire.com/story.asp?s=38631 Copyright 2011, InvestmentWires, Inc. All Rights Reserved |