Reserve Management, the New York fund manager that started the nation's first money market fund, announced Tuesday that it had added Trainer, Wortham & Co. and Froley, Revy mutual funds to its complex.
Trainer Wortham First Mutual Fund, Trainer Wortham Total Return Bond Fund, and Froley, Revy Convertible Securities Fund are now part of the Hallmark family of funds. These purchases by Reserve's Hallmark group expanded the family to 10 equity and bond funds.
Terms of the deals were not disclosed. Reserve said its Hallmark strategy is to target successful funds with assets of $15 million to $50 million whose executives realize that they need distribution help and that remaining independent is no longer viable.
Reserve said that, though the portfolios would get the Hallmark name, their managers and investment strategies would remain in place. Reserve also said it would drop the sales charge on the Froley, Revy Convertible Securities Fund.
