Deals & People

UNIFI Unifies Summit, Calvert Fund Families

UNIFI Companies is consolidating the operations of its two affiliated mutual funds: Summit Mutual Funds and Calvert Group, Ltd.
Reported by Nevin E. Adams

On September 9, the Board of Directors of Summit Mutual Funds, Inc. approved a plan whereby Calvert Asset Management Company, Inc. will assume management of the Summit Mutual Fund assets. As a result, Calvert will be the UNIFI Companies’ sponsor of mutual funds for the retail, institutional and insurance market places. This transaction, now subject to Summit Mutual Fund shareholders’ approval, is expected to be completed in early December 2008.

Under the terms of the transaction, Calvert Asset Management Company, Inc. will purchase the mutual fund operations of Summit Investment Partners, Inc. and become the Advisor to the Summit Mutual Funds. These funds include the Apex series of retail funds and Pinnacle variable insurance portfolios.

Incorporation Plans

Summit Investment Partners’ investment products and teams will be incorporated into the Calvert organization as follows:

Within the retail mutual funds:

  • The Summit Everest Fund, managed by James McGlynn and the large cap value team, will merge with the Calvert Large Cap Value Fund that is currently in registration with the SEC. James McGlynn and his team will become part of Calvert’s investment advisor, bringing their recognized track record of value equity management and enhancing Calvert’s in-house equity management capabilities.
  • Kevin Aug and Sam Cooper, assistant portfolio managers of Summit’s High Yield Bond Fund, will maintain the Fund’s investment track record and move over to Calvert, becoming part of Greg Habeeb’s taxable fixed income team. The Fund will be renamed the Calvert High Yield Bond Fund.
  • Apex Series Bond and Money Market funds will merge into existing Calvert Funds. The Nasdaq-100 Index Fund will be liquidated.

Additionally, Calvert will include one of Summit funds into its sustainable and responsible fund family. The Calvert Large Cap Value Fund, (formerly the Summit Everest Fund), will become the first in Calvert’s new SAGE (“Sustainability Achieved Through Greater Engagement”) series of funds. Within the new SAGE series, the Fund will invest in a range of companies that are consistent with its threshold responsibility standards. The companies in the investment portfolio may be emerging sustainability leaders and/or entities which have yet to make significant progress but have the potential to do so, according to a press release.