CRABBE HUSON ENDS MUTUAL FUND PURCHASE AGREEMENT WITH PRUDENTIAL.
Co-Founder James E. Crabbe said his firm's concern with the transaction stems from differences in size and style between the two groups.
"The more we looked at the path ahead, the more we were concerned for our ability to be able to sustain the culture and chemistry that has made this company what it is," Crabbe explained.
Crabbe noted further, "The people at Prudential are great people who I believe will succeed in this business. As one might expect in comparing two companies as different in scale as ours and Prudential, there are bound to be significant differences and in the end we all began to see that these differences were fundamental and perhaps even insurmountable. I believe I speak for both parties when I say that today's agreement to stop is an amicable and mutual one."
Crabbe Huson's decision comes at a time when public interest in its family of mutual funds is at an all-time high. When discussions were initiated by Prudential in February 1994 the funds had collective assets of $250 million. Today, the funds enjoy assets in excess of $890 million.
The Portland-based firm will continue to market and service its fund group from offices in Seattle; Portland and Bend, Ore.
CONTACT: James E. Crabbe, Craig Stuvland, 503/295-0111
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|Date:||Feb 10, 1995|
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