American Century Investments announced an agreement in principle Wednesday to buy the retail mutual fund assets of Kopp Investment Advisors. The deal price was not disclosed.
The two Kopp mutual funds are to be reorganized into existing American Century mutual funds. Assets totaling $300 million to $350 million from the Kopp Emerging Growth and Kopp Total Quality Management funds are to be added to American Century's New Opportunities II and Equity Growth funds, respectively.
The reorganizations, which were approved by the boards of American Century and Kopp Funds, are expected to be completed in late February. By enlarging the New Opportunities II Fund to its fee breakpoint, the purchase will allow lower fees to be charged its shareholders, the Kansas City, Mo., fund company said. The deal also will allow Kopp to concentrate on private account management.
