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Mutual Funds Increase Fees Before Acquisitions
Fee increases to mutual fund investors have preceded several acquisitions.
For example, Pilgrim Investments, Inc. raised its fees in its Growth Opportunities and SmallCap Opportunities funds, 26% and 33% respectively, in advance of the acquisition by Dutch financial giant ING Groep NV.
Likewise, Chicago's Wanger Asset Management raised its fees to investors by 57% for its Acorn Fund in advance of its sales to Liberty Financial Cos.
Commentators suggest that the fee hikes are due to the mutual fund company buyers' pressuring the sellers to do so, in view of the buyers' paying a premium for the purchases of the mutual fund companies. Fund companies deny that, claiming the cost increases are necessary for other purposes.
Source: Investment News, July 24, 2000
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