Dec. 17, 2002 -- State Street Research & Management Inc. has sold its remaining retail international stock mutual fund as part of a move to concentrate on domestic equity products.
The company transferred the State Street Research:International Equity/A (SSIEX) to Quantitative Investment Advisors Inc., which will merge the fund into the Quant Foreign Value Fund/Ordinary (QFVOX), subject to shareholder approval. Bernard Horn, the manager of the Quant fund, began running the State Street Research portfolio this month.
The deal is part of a reorganization of its fund lineup initiated earlier this year, said State Street Research spokeswoman Alyson Riley. "We're really going to focus in more on the domestic equity market," she said.
State Street Research recently liquidated its other retail international stock fund, State Street Research:Concentrated Intl/A (SICAX). The managers of both the international funds, Eleanor Marsh and Miren Etcheverry, will leave State Street Research at the end of this month, Riley said, adding she did not know their future plans.
State Street Research also has notified institutional clients of its plans to abandon international investing and asked them to find new managers for the approximately $74 million in international stocks it oversees for these investors, Riley said.
Boston-Based State Street Research has eliminated five other funds through mergers or liquidations this year, leaving it with 14 funds.
The State Street Research International fund has total assets of about $52 million. The fund lost 17.4% this year through November, while the $28.9-million Quant Foreign Value fund returned 4.3%. By comparison, the international equity fund peer group was off 13.7% on average through the first 11 months of the year.