Board of directors approves proposal to hire Salomon Brothers Asset Management as subadviser for The Americas Income Trust.MINNEAPOLIS--(BUSINESS WIRE)-- Feb. 7, 1996--Piper Capital Management Incorporated announced today that the board of directors for The Americas Income Trust (NYSE NYSE See: New York Stock Exchange symbol: XUS XUS Xml User Sheet ) has approved a proposal to hire Salomon Brothers Asset Management as the fund's subadviser. This proposal is subject to shareholder approval. If approved by fund shareholders, Salomon Brothers would handle the fund's day-to-day portfolio management duties. As the fund's adviser, Piper Capital would remain responsible for the oversight of the fund's portfolio strategy. Piper Capital made this proposal to the fund's board of directors because Piper Capital has decided to concentrate its resources on U.S. investment management services, including mid-cap equity, large-cap equity, taxable fixed income, tax-exempt fixed income, balanced, mortgage loan and cash reserve. The Americas Income Trust is a closed-end fund Closed-end fund An investment company that issues shares like any other corporation and usually does not redeem its shares. A publicly traded fund sold on stock exchanges or over the counter that may trade above or below its net asset value. Related: Open-end fund. that invests primarily in U.S., Canadian and Mexican debt securities. The fund's primary investment objective is a high level of current income and its secondary objective is capital appreciation. Piper Capital anticipates that a proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. which explains the proposal will be mailed to shareholders within two to four months. If approved by fund shareholders, Salomon Brothers could assume subadviser duties later this year. The Americas Income Trust, which has approximately $51 million in net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. , is managed by Piper Capital Management Incorporated. Piper Capital is a wholly-owned subsidiary of Piper Jaffray Companies Inc., an investment firm founded in 1895. Salomon Brothers Asset Management, based in New York, together with its affiliates has approximately $13 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , including more than $5 billion in global fixed income products. CONTACT: Kimberly Kaul, 612/342-6384 |
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