President and CEO of
The transaction has already been approved by the board of Federated and the owner of David W. Tice & Associates.Set to close in the fourth quarter, the sale is subject to review by the Board of directors of the Prudent Bear Funds and the board of trustees of the Federated mutual funds.
Federated has begun formulating contracts with current managers and investors of the two funds, including Doug Noland and Patrick Ryan Bend, who have both managed and invested the Prudent Bear fund for years. In addition, president and founder of David W. Tice & Associated LLC, David W. Tice, will follow these funds to Federated where he will become the chief portfolio strategist.
Tice said, We chose Federated because of the firms commitment to the Prudent Bear funds investment strategies and investment team, as well as the significant additional resources Federated can provide to the funds. In addition, Federateds broad array of investment products provides the Prudent Bear funds shareholders with the ability to exchange into other equity or fixed income mutual funds.