RMK fund set for liquidation
January 14th, 2009 by Wendi Lewis
The Memphis Daily News recently reported that Hyperion Brookfield Asset Management, which in July took over administration of seven Regions Morgan Keegan funds under fire for misrepresentation, will liquidate one of the funds, pending shareholder approval. The fund in question is the Regions Morgan Keegan Select Short Term Bond Fund.
Hyperion took over management of the Morgan Keegan investment arm of Regions after several funds suffered steep and sudden drops in value as a result of their connection to the subprime mortgage securities market.
On Dec. 30, the Daily News announced that Hyperion had changed the names of seven former RMK investment funds, now calling them Helios funds, reflecting the change in management, and of course removing the stigma of the RMK investment debacle.
Sales of the Select Short Term Bond Fund shares to new investors will stop effective Jan. 23.