Unifi Cos. has announced that it plans to consolidate its two mutual fund families, Summit Mutual Funds Inc. and Calvert Group Ltd.
The move would create a single mutual fund family "that preserves the strong records of in-house portfolio management teams, benefits from an extensive distribution network, and creates efficiencies in mutual fund operations," the Cincinnati fund company said on Tuesday.
On Sept. 9, Summit Mutual Funds' board of director announced its approval of a plan for Calvert Asset Management Co. to assume management of Summit's assets.
Thus, Calvert will be Unifi's sponsor of mutual funds for the retail, institutional, and insurance marketplaces. This transaction, which is subject to Summit shareholders' approval, is expected to close in early December.
Under terms of the deal, Calvert would buy the mutual fund operations of Summit Investment Partners Inc. and become the adviser to the Summit funds.
These portfolios include the Apex series of retail funds and the Pinnacle variable insurance portfolios. Summit Investment Partners' investment products and teams are to be incorporated into the Calvert organization.
