Liberty Financial Companies of Boston has announced that 17 of its mutual funds will be consolidated into 10 already existing Liberty funds.
Stephen E. Gibson, president of Liberty Advisors, said the funds were being consolidated because some of the funds were not attracting sufficient assets. Many of the funds also duplicated investment styles followed by larger, more popular Liberty funds, he said.
The Funds' trustees have approved the move but the Funds' shareholders still must do so, according to Liberty. The consolidated funds include fixed income, equity value and contrarian funds and have combined assets of approximately $1.8 billion.