On the brink of closing the five no-load, fixed-income funds it oversees, the board of directors of the Fundamental Funds named Cornerstone Equity Advisors, a two-year old investment advisory firm, to assume management of the funds.
Fundamental's board of directors approved the new management on September 25 and Cornerstone took control on September 30. The fund has $162 million in assets. Cornerstone currently manages $20 million in equity assets for separate accounts, predominantly in small- and mid-cap markets. But the firm's leaders had previously invested exclusively in the fixed-income and municipal bond markets. This is the first time Cornerstone will manage a mutual fund.