Wasatch Advisors closed on the acquisition of three 1st Source Monogram Funds. Terms were not disclosed.
The three funds will be rebranded as the $775 million Wasatch-1st Source Income Equity Fund; $100 million Wasatch-1st Source Long/Short Fund; and $85 million Wasatch-1st Source Income Fund.
Ralph Shive and Mike Shinnick, portfolio managers of the equity fund and the long/short fund, respectively, joined Wasatch as part of the acquisition. Paul Gifford, portfolio manager of the income fund, will remain at 1st Source Corp. Investment Advisors and help advise the fund.
Wasatch Advisors has $4.5 billion in assets under management.