April 21, 2008-Morgan Asset Management will turn over investment management of four funds to Hyperion Brookfield Asset Management Inc. pending shareholder approval in July.
An agreement was reached between the two firms Monday and announced after markets closed.
The four funds Hyperion will serve as investment adviser to include the RMK Advantage Income Fund Inc. (NYSE: RMA), RMK High Income Fund Inc. (NYSE: RMH), RMK Multi-Sector High Income Fund Inc. (NYSE: RHY) and RMK Strategic Income Fund Inc. (NYSE: RSF).
Hyperion has served as an independent consultant to the funds since August, said a Morgan Asset Management spokesman.
The funds have been in the spotlight in the last year as more than 50 percent of their market value was whittled away by subprime mortgage losses. Some of the funds had significant exposure to subprime mortgage assets.
The current boards of directors of the funds have unanimously approved new investment advisory agreements with Hyperion Brookfield Asset Management and the nomination of five new directors of the funds.
Joint special and annual shareholder meetings of the funds are scheduled for July 11, 2008 to vote on the proposed new investment advisory agreements and the election of directors, respectively.
Hyperion Brookfield Asset Management is a registered investment adviser that manages more than $21 billion in fixed income assets for institutional and retail investors.
Morgan Asset Management Inc. is the investment advisory arm of Regions Financial Corp. (NYSE: RF). Morgan Asset Management will continue to manage 11 other funds. (source, memphis business journal)
Wednesday, May 7, 2008
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