The board of trustees of the Titan Financial Services Fund has recommended that the fund be merged into Turner Investment Partners Turner Future Financial Services Fund, according to a document filed today with the Securities and Exchange Commission.
With only $370,000 in assets under management, the tiny Tuner fund would balloon enormously if the merger is approved by Titan shareholders. The Titan fund has $16 million in asset under management, according to Morningstar.
Titan Funds board of trustees is recommending shareholders approval the acquisition because it would provide professional management in the financial services sector for the fund and would give Titan shareholders access to all Turner advised funds through its exchange privilege, according to the SEC filing.
Turner has served as interim investment advisor to the Titan Fund since June of this year, following the termination of an advisory agreement between Titan and Harris Bretall Sullivan and Smith, LLC.