Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
The firm's PR consultants shared the news with me earlier today. From an investor's perspective, there is no news: no new products, no manager changes, no fee reductions. It might broaden the resources available to Salient's (the buyer's) high net worth clientele, through a broader array of products for their separately managed accounts, and will doubtless increase the combined firm's sales and marketing reach which is, from an investor's perspective, not a particularly good thing.
I've owned a Salient cef before. When writing to the fund, the fund's manager wrote me back and offered to answer any questions via phone. So, seems like a fine company; was willing to talk with a very small investor despite a focus - as David said - on high-net worth clients.
I am not excited about this. They didn't do this to try to help the little guy. I think asset bloat is on the way. The reasons for the sale (from their press release): - $27 billion in assets under management and advisement and more than 250 professionals nationwide located in three key U.S. business centers: Houston, San Francisco and New York; -Increased scale and national reach, which will allow the firm to better serve institutional investors and financial advisors ; and - A diverse suite of innovative asset allocation and alternative strategies designed to allow investors the opportunity to create diversified portfolios or enhance their existing portfolios.
So they will have greater scale and reach, but the fees will be the same.
Comments
I wish them well.
David
- $27 billion in assets under management and advisement and more than 250 professionals nationwide located in three key U.S. business centers: Houston, San Francisco and New York;
-Increased scale and national reach, which will allow the firm to better serve institutional investors and financial advisors ; and
- A diverse suite of innovative asset allocation and alternative strategies designed to allow investors the opportunity to create diversified portfolios or enhance their existing portfolios.
So they will have greater scale and reach, but the fees will be the same.
Regards,
Ted
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