Conseco Capital Management, the money management arm of Conseco, the insurance, mutual fund and financial services company of Carmel, Ind., will buy the adviser to the StockCar Stocks Index Fund, according to a proxy statement the fund filed with the SEC March 1. Conseco will pay up to $5 million over four years to buy the fund's adviser, StockCar Stocks Advisors, LLC of Mooresville, N.C., according to the proxy statement. The exact purchase price will be determined by future fund sales, according to the proxy statement.
Conseco, which offers 12 open-end and one closed-end fund, currently is designated as the official financial services provider for Nascar of Ft. Lauderdale, Fla. The acquisition of StockCar Stocks Advisors is expected to help Conseco's Nascar marketing, according to the proxy statement.
The sale is expected to close on April 28, according to the proxy statement.