Sentinel Investments will acquire $800 million in socially responsible mutual fund assets from Citizens Advisers, said Bruce Hoffman, a spokesman for Sentinel. Financial terms of the deal, which should be finalized during the first quarter of 2008, werent disclosed. The assets from Citizens will be reorganized into new or existing Sentinel funds. Sentinel is launching its first SRI offerings: the large-cap Sentinel Responsible Investing Core Opportunities fund and the midcap growth equity focused Sentinel Responsible Investing Emerging Companies fund.
Citizens will close upon completion of the deal.
Aaron H. Dorr, a managing director with Jefferies Putnam Lovell, the investment bank representing Citizens, said this years decision by Citizens majority owner and CEO, Sophia Collier, to leave the industry sparked widespread interest in the firms assets in the fast-growing SRI market.