Delafield Asset Management to Join Tocqueville Asset Management.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Delafield Asset Management announced today that it will join Tocqueville Asset Management LP. The combination is expected to add Delafield Asset Management's separately managed accounts, limited partnerships, the Delafield Select Fund and the Delafield Fund to Tocqueville's investment management business.1 "We are delighted to add Delafield Asset Management to our team," said Robert Kleinschmidt, 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 Tocqueville Asset Management. "I have known and respected Dennis Delafield and Vince Sellecchia for over 30 years, and we look forward to combining forces to continue to provide investors with access to some of the best investment thinking and mutual funds in the industry." Delafield Asset Management is currently a division of Reich & Tang Asset Management, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , an affiliate of Natixis Global Asset Management. Reich & Tang is in the process of restructuring to focus exclusively on the money market and cash deposit business and this restructuring includes transferring Delafield Asset Management. "We thank the Delafield team for their important contribution to the equities business of Reich & Tang Asset Management and Natixis Global Asset Management. Dennis and Vince deserve recognition for their successful long-term track record, and we wish them only success in their new endeavor," said John Hailer hail·er n. 1. One that greets, acclaims, or catches someone's attention. 2. A bullhorn. , CEO of Natixis Global Asset Management, North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Asia. "While we have enjoyed our association with Reich & Tang and Natixis Global Asset Management, we are looking forward to being a part of Tocqueville Asset Management," said Dennis Delafield. "Tocqueville is a good fit for Delafield Asset Management. Like Delafield, it has a seasoned team of equity analysts and fund managers. We anticipate a long and productive association with the firm." The Delafield Fund, an equity mutual fund, was founded in November 1993. The Delafield Fund is co-managed by J. Dennis Delafield and Vincent Sellecchia. Combined, they have more than 80 years of investment experience and have worked together since 1980. The Delafield Select Fund, launched in 2008 after conversion from a non-registered limited partnership structure, is a concentrated portfolio of approximately 25 primarily small- and mid-cap value stocks Value stocks Stocks with low price/book ratios or price/earnings ratios. Historically, value stocks have enjoyed higher average returns than growth stocks (stocks with high price/book or P/E ratios) in a variety of countries. . Tocqueville Asset Management offers investment advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to clients. Known for its contrarian value style investing style investing An active portfolio management strategy that uses certain signals to determine whether to switch into identifiable equity segments, in particular, whether to move from growth stock to value stock or the reverse, or from small-cap stock to , Tocqueville manages more than $5.5 billion in assets from its New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. location. Its clients are primarily wealthy families and individuals. Tocqueville Asset Management is also the advisor to the Tocqueville Trust 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". which consists of four highly regarded equity mutual funds including U.S. equity, international equity and gold. The firm also manages institutional accounts and hedge funds. The transaction is subject to customary closing conditions, including regulatory and other approvals and notices and approvals by the boards and shareholders of the respective mutual funds. About Tocqueville Asset Management Tocqueville Asset Management was founded in 1990 and operates as an employee owned partnership. Earlier, its founding partners were a part of Tucker Anthony. Since 1990 Tocqueville has grown steadily and now manages more than $5.5 billion in assets with a staff of 100 employees, the majority of whom are portfolio managers, research analysts and client service professionals. Tocqueville provides both equity and fixed income investments to wealthy families and individuals as well as to institutional accounts. The firm is also an advisor to the Tocqueville Trust family of four equity mutual funds. Tocqueville is well respected by peers, investment consultants, media and clients for its contrarian value oriented style of investing with an orientation toward long-term investing and absolute returns. About Delafield Asset Management Delafield Asset Management was founded in 1980 by J. Dennis Delafield. Vincent Sellecchia joined him a few months later. The division manages assets for U.S. corporations, foundations, endowment funds Endowment funds Investment funds established for the support of institutions such as colleges, private schools, museums, hospitals, and foundations. The investment income may be used for the operation of the institution and for capital expenditures. and individuals. It built its reputation with its fundamental research and disciplined portfolio management. About Reich & Tang Asset Management Reich & Tang Asset Management provides money fund and cash management services to financial firms. For over 30 years, it has specialized in the investment of short-term liquid assets Cash, or property immediately convertible to cash, such as Securities, notes, life insurance policies with cash surrender values, U.S. savings bonds, or an account receivable. through a family of money market funds and similar portfolios. It is an industry leader in the cash deposit business. Reich & Tang Asset Management is an affiliate of Natixis Global Asset Management. Headquartered in Paris and Boston, Natixis Global Asset Management's 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. totaled $594 billion ([euro]448 billion) as of March 31, 2009. 1 The Delafield Fund and the Delafield Select Fund are distributed by Natixis Distributors, L.P. Before investing, consider the Fund's investment objectives, risks, charges and expenses. Please call 800-221-3079 for a prospectus containing this information. Read it carefully. |
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