In the wake of a restructuring it completed last week, Pilgrim Baxter & Associates has re-branded two products that will now be offered under its product line.
The two funds, an equity fund and IRA product, had been part of the United Asset Management Funds family, but will now be offered through Pilgrim Baxter, the company said. Both companies are subsidiaries of London-based Old Mutual. Old Mutual purchased UAM in 2000, a spokesman said.
The PBHG Disciplined Equity Fund, which had previously been known as the UAM Analytic Enhanced Equity fund, will be sub-advised by the Los Angeles firm Analytic Investors. The fund seeks to exceed the returns of its benchmark, the S&P 500 Index, with no greater volatility than that benchmark, the company said. The product, which was launched in 1993, had $96.7 million in assets as of last week.
The PBHG IRA Capital Preservation Fund, previously known as the UAM IRA Capital Preservation fund, will be sub-advised by Dwight Asset Management of Burlington, Vt. and has $190.8 million in assets. The fund, first launched in 1999, seeks higher returns than a money market product while seeking per-share NAVs that are more stable than typical fixed-income funds, the company said.
Pilgrim Baxter has approximately $12.9 billion in assets under management as of the end of 2001.