Citizens Bank Wealth Management Proposes Merger of Its Golden Oak Mutual Fund Portfolios With Those of Goldman Sachs Asset Management and Federated Investment Management Co.FLINT, Mich. -- Citizens Bank Wealth Management, N.A., announced today that the Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. of the company-managed Golden Oak mutual funds has given preliminary approval to a proposal to reorganize on a tax-free basis the Golden Oak Funds into two leading fund groups: Goldman Sachs Trust and Federated Investors, Inc.'s 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". . James A. Schmelter, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Citizens Bank Wealth Management, said that six of the Golden Oak portfolios will merge with comparable portfolios managed by Goldman Sachs, and one portfolio will merge with a comparable portfolio offered by Federated Connected and treated as one. See federated database and federated directories. . Golden Oak mutual fund portfolios currently have approximately $465 million 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. . The acquiring funds have filed registration statements with the Securities and Exchange Commission. The reorganization is expected to be completed at the end of September. At that time, the assets of the Golden Oak funds will be exchanged for shares of the acquiring funds, Schmelter said. Citizens Banking Corporation provides wealth management services through Citizens Bank Wealth Management, N.A. Citizens Banking Corporation is a diversified financial services company, providing a wide range of commercial, consumer, mortgage banking, trust investment and financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against services to a broad client base. Citizens Banking Corporation serves markets through Citizens Bank offices in Michigan and suburban Chicago, Illinois, and through F&M Bank offices in Wisconsin and Iowa. Citizens Banking Corporation is the second-largest bank holding company headquartered in Michigan, with assets of $7.748 billion as of June 30, 2004. More information about Citizens Banking Corporation is available at www.citizensonline.com |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion