Seven former Regions Morgan Keegan Investment Funds have changed their names. Each fund’s name now begins with “Helios,” to reflect the shift in management to Hyperion Brookfield Asset Management from Regions Financial.
Helios is Hyperion’s brand name. Hyperion took over Morgan Keegan’s beleaguered investment arm last year after a number of funds suffered serious value drops following the subprime mortgage collapse. Three open-end funds and four closed-end funds are affected by the name change:
New Names of Former Regions-Morgan Keegan Select Funds:
Helios Select High Income Fund: HIFAX (Previously MKHIX)
Helios Select Intermediate Income Fund: HSIBX (Previously MKIBX)
Helios Select Short Term Bond Fund: Remains as MSBIX
New Names of Former RMK Funds:
Helios Advantage Income Fund: HAV (Previously RMA)
Helios High Income Fund: HIH (Previously RMH)
Helios Multi-Sector High Income Fund: HMH (Previously RHY)
HMH Helios Strategic Income Fund: HSA (Previously RSF)
Hyperion spokesperson Marion Hayes says it was important that the new names reflect the funds’ new management. Hyperion Brookfield President and Chief Executive Officer John Feeney also noted that the rebranding of the acquired funds is part of the company’s efforts to integrate them with its existing fund platform.
Shepherd Smith Edwards & Kantas LTD LLP Founder and Stockbroker Fraud Attorney William Shepherd, however, cautions, “It is not uncommon for mutual fund managers to change the name of funds in an attempt to escape negative publicity. Yet, if the goal is to hide widespread allegations of fraud from investors, this might be considered yet another fraudulent act!”
Related Web Resources:
Hyperion Brookfield Announces Changes to the Names and Ticker Symbols for its Closed-End Funds, MarketWatch, December 18, 2008
Hyperion Brookfield Asset Management, Inc. acquired seven funds from Morgan Asset Management, Inc, Hyperion Brookfield Asset Management
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