Oct. 9, 2002 — State Street Research said it is eliminating six of its mutual funds, primarily because they lack assets or duplicate other offerings.
The company also said Eileen Leary, who has helped run the State Street Research:Mid Cap Growth Fund/A (SCFAX) for three years, became the lead portfolio manager this month. She succeeded Cathy Dudley, who has joined Evergreen Investments as a product manager, a State Street spokeswoman, Allison Riley, said.
Among the funds being eliminated, the State Street Research:Concentrated Intl/A (SICAX), and the State Street Research Concentrated Growth fund will be liquidated next month because they are too small to operate efficiently, Riley said. Each has only about $3.8 million in assets, she said.
A third fund, the State Street Research Equity Index fund, will be liquidated in December because it is aimed at the 401(k) market, which State Street is exiting, she said.
The Boston-based company also plans to merge out of existence State Street Research:Large Cap Growth Fd/A (SGFAX) and State Street Research:Strategic Inc/A (SIFAX) because they are similar to other funds, Riley said.
The Large Cap Growth fund will be merged into State Street Research:Legacy Fund/A (SRLAX), and the Strategic Income fund will be absorbed by State Street Research:High Income Fund/A (SSHAX), subject to shareholder approval.