State Street Research and Management will liquidate a small Athletes Fund next month after the product was hobbled by the departure of key executives who ran it. The fund was designed to cater to the investment needs of professional athletes.
State Street Corp., a rival, hired the executives away from the fund in an effort to launch a similar product, according to published reports.
Now, State Street Research will sell the funds assets and distribute proceeds among shareholders. The funds class A shares dropped 18.7% through July. The fund has approximately $12 million in assets.