Shelton Capital Management and ICON Advisers, Inc. announced a planned restructuring of the ICON Funds into a Shelton Capital mutual fund trust. Under the proposed transaction, Shelton Capital Management will serve as the investment advisor to the ICON Funds and ICON Advisers will continue to handle daily investment management as a Sub-Adviser to a streamlined ICON domestic fund lineup.
In addition, Shelton Capital Management’s international portfolio management team will take over the daily responsibilities for the ICON Emerging Markets Fund and the ICON International Equity Fund will be merged into Shelton’s International Select Equity Fund, which Morningstar currently ranks as a Five-star fund.
“ICON Advisers is an industry innovator with an outstanding lineup of investment offerings,” said Shelton Capital Management CEO Steve Rogers. “Dr. Craig Callahan founded ICON in 1986, and his research has led to product innovation for model portfolios used by wealth managers throughout the country. These innovative products are highly rated, have long track records and continue to be ranked among the best products available to wealth managers who utilize these effective tools for their clients.”
With this innovative transaction, Dr. Callahan and Mr. Rogers expect to reduce fund operating expenses by an estimated $1,800,000 per year for fund shareholders and streamline operations, allowing ICON to focus on providing the investment research it’s best known for. “Our investment research is time tested and well known in the industry for adding value. This transaction enables us to focus on what we do best,” said Dr. Callahan.
Berkshire Global Advisors acted as financial advisor to ICON Advisers on the transaction. Terms are not disclosed.
The Fund restructuring/mergers remain subject to Fund shareholder approval.
About Shelton Capital Management
Shelton Capital Management is a multi-strategy asset manager with fund administration and digital marketing expertise. With a determined focus on growth, Shelton is active in acquisitions and fund consolidations. Shelton has expertise in mutual fund and separately managed account advisor mergers and has completed six previous transactions with the goal of improving the financial and economic performance of partner firms. For more information about these activities, please call Andee Reidle at (303) 228-8978. Shelton has offices in San Francisco, Denver and Greenwich, and manages over $2.2 billion of assets.
About ICON Advisers
ICON Advisers, Inc. is a boutique firm based in Greenwood Village, Colorado. Since its inception, ICON has employed a unique and disciplined investment approach to the way it manages assets. In 1986, Dr. Craig Callahan founded ICON using a modernized Benjamin Graham valuation model to systematically determine the intrinsic value of individual companies in order to make clear, objective investment decisions. Today, ICON offers a diverse lineup of mutual funds, Tactical Allocation Portfolios, and Strategy Based Investing Portfolios providing a wide spectrum of investment options. With its broad scope and commitment to uncovering value, ICON’s Funds and Portfolios can accommodate a wide range of investment needs.