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July 10, 2003 at 08:00 PM
July 8, 2003 — SAFECO Corp (SAFC) said it will reorganize its mutual fund family by eliminating three funds, and adding new managers to several offerings. The company said it has also lowered expense ratios on six bond funds.
As part of the reorganization, SAFECO US Value Fund/Advisor A (SVAAX) and SAFECO Small Company Growth Fund/Advisor A (SACGX) are being liquidated. Also, SAFECO Intmed Term US Treasury Fund/Advisor A (SFUAX) will be merged into SAFECO US Government Fund/Advisor A (SGNMX), subject to shareholder approval.
Safeco is adding managers to seven stock and bond funds to provide greater risk controls and “enhance the investment process,” a spokeswoman for the fund company said. The portfolio manager changes will become effective on July 1.
Darcy MacLaren, the fund complex’s director of equity research, will join Richard Meagley on SAFECO Equity Fund/Advisor A (SAEAX).
Rex Bentley and Lynette Sagvold, who run the US Value fund, will pilot SAFECO Dividend Income Fund/Advisor A (SFOAX), which is now overseen by a team of managers in Safeco’s equity department.
Brian Clancy, a co-manager of SAFECO Growth Opportunities Fund/Advisor A (SFGAX), will join William Whitlow Jr. on SAFECO Northwest Fund/Advisor A (SFNAX).
