Boards of Directors Approve Merger Proposal for Three Piper Capital-Managed Funds.MINNEAPOLIS--(BUSINESS WIRE)--April 27, 1998--A recommendation by Piper Capital Management Inc. that three of its closed-end funds merge into an existing open-end fund in the First American family of funds Family of Funds A group of mutual funds offered by one investment or fund company. Each mutual fund has different characteristics and can range depending on investment objective. Also referred to as a "Mutual Fund Family" or simply a "Fund Family". was approved today by the funds' boards of directors. Shareholders will vote on the proposal at the funds' annual meeting in August. Under the proposal, American Government Income Fund (AGF AGF Assurances Générales de France AGF Army Ground Forces AGF American Growth Fund (mutual fund) AGF American General Finance AGF Arbeitsgemeinschaft der Grossforschungseinrichtungen AGF Anatomic Gift Foundation AGF Assume Good Faith ), American Government Income Portfolio (AAF AAF abbr. Army Air Forces ) and American Opportunity Income Fund (OIF) would be moved into the First American Fixed Income Fund, which is an open-end fund with similar investment objectives. The merger of the funds would follow the merger of U.S. Bancorp (NYSE NYSE See: New York Stock Exchange symbol: USB USB in full Universal Serial Bus Type of serial bus that allows peripheral devices (disks, modems, printers, digitizers, data gloves, etc.) to be easily connected to a computer. ) and Piper Capital Management's parent company, Piper Jaffray Companies Inc. (PJC), which is expected to close shortly after a special shareholder meeting to be held April 30. The First American family of funds is managed by First American Asset Management, the asset management arm of U.S. Bancorp. Piper Capital Management Incorporated, a money management firm based in Minneapolis, manages 32 open- and closed-end funds. It is an independent, wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Piper Jaffray Companies, an investment firm founded in 1895. On Dec. 15, 1997, Piper Jaffray Companies announced that it had entered into an agreement to be acquired by U.S. Bancorp. This acquisition is subject to shareholder and regulatory approval. CONTACT: Piper Jaffray, Minneapolis Maria Verven, 612/342-6584 or Elizabeth Child, 612/342-6594 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion