State Street Research and Management will liquidate a small Athlete’s 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 fund’s assets and distribute proceeds among shareholders. The fund’s class A shares dropped 18.7% through July. The fund has approximately $12 million in assets.

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