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National Life Increases Fund Family Stake

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NU Online News Service, July 17, 11:17 a.m. – National Life Insurance Company, Montpelier, Vt., says it has bought out the stake in the Sentinel Companies mutual fund family that was owned by Provident Mutual Life Insurance Company, Berwyn, Pa.

The acquisition increases National Life’s ownership share in the Sentinel fund family, which manages $2.8 billion in assets, to 94%, from 68%, the company says.

The price of the deal and other terms were not immediately available.

National Life has shared ownership of the Sentinel fund family with Provident Mutual since 1993, when Provident Mutual merged nine of its funds with National Life’s Sentinel Funds.

Penn Mutual Life Insurance Company, Philadelphia, joined the partnership in 1995, and it will retain its current ownership position, National Life says.