Although Netfolio closed its virtual doors on Sept.14, the legacy of the firm lives on: James OShaughnessy, Netfolios founder, will continue to manage the assets of Canadian fund company, Royal Mutual Funds, an account that was originally sub-advised by Netfolio.
Bear Stearns Asset Management, Inc., the new sub-advisor for those funds, has brought on OShaughnessy as senior managing director of its quantitative investments. According to an announcement on Netfolios defunct Web site, Bear Stearns had been the firms "preferred clearing and custody provider."
The three Royal Mutual Fund offerings formerly sub-advised by Netfolio (formerly O'Shaughnessy Capital Management) are: O'Shaughnessy Canadian Equity Fund, the O'Shaughnessy U.S. Value Fund and the O'Shaughnessy U.S. Growth Fund.
As of November 30, 2001, the funds had approximately $188 million (U.S.) in assets under management, according to the Royal Bank of Canada.