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Fund Times

Fund Times: ICAP Funds and RS Investments Acquired

Plus, PIMCO's commodity transition, Putnam manager change, and more.

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New York Life Investment Management has announced that it is acquiring Institutional Capital Corporation (ICAP), a superb Chicago-based money manager. ICAP's three mutual funds will join New York Life's MainStay fund family, and ICAP will likely subadvise other MainStay funds.

Despite posting stellar track records on funds like  ICAP Select Equity (ICSLX) and  ICAP International (ICEUX), for which ICAP president and chief portfolio manager Rob Lyon and his team won Morningstar's 2005 International-Stock Manager of the Year award, ICAP's funds are still quite small. The shop's funds, which have roughly $2 billion in assets among them, will now be distributed by New York Life's considerable sales force. ICAP's principals, including Lyon and Jerry Senser, have signed employment contracts with New York Life for an unknown length of time. When the merger is complete, current shareholders in ICAP funds will hold no-load I shares and will continue to pay 0.80%. But new load share classes will be rolled out. New York Life owns other small asset managers, such as MacKay Shields and McMorgan.

Lawrence Jones does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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