It's been nearly one year since Reserve Management, advisor to The Reserve family of money funds and the Hallmark family of funds, first revealed it had inadvertently allowed both the investment advisory and 12b-1 distribution contracts on the majority of its mutual funds to lapse, in some cases since 1997 (see MME 3/13/06).

Now, 11 months after that discovery, the firm has filed a follow-up proxy statement with the Securities and Exchange Commission that contains some unanticipated surprises.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.