According to Market Wire, Jul 29, 2008 Hyperion Brookfield Asset Management, Inc. (“Hyperion Brookfield”) announced its appointment as Investment Advisor to certain funds that were previously managed by Morgan Asset Management, Inc., investment adisory arm of Morgan Keegan, Inc. (collectively, the “Funds”).
Hyperion Brookfield was approved by stockholders and, effective today, has assumed its duties as Investment Advisor to the following Funds:
- RMK Advantage Income Fund, Inc. (RMA);
- RMK High Income Fund, Inc. (RMH: NYSE);
- RMK Multi-Sector High Income Fund, Inc. (RHY: NYSE);and
- RMK Strategic Income Fund, Inc. (RSF: NYSE); Collectively, the (“Closed-End Funds”)
And the following series of the Morgan Keegan Select Fund, Inc.:
- Regions Morgan Keegan Select High Income Fund (MKHIX:RMK Select:High Inc.);
- Regions Morgan Keegan Select Short Term Bond Fund (MSBIX:RMK Select Short Term Bond);and
- Regions Morgan Keegan Select Intermediate Bond Fund (MKIBX:RMK Select Intermediate Bond; Collectively, the (“Open-End Funds”)
According to the new managers, “the well publicized problems in mortgage and credit markets have had a significant impact on the Funds. Redemptions and deleveraging have contributed to a concentration in complex mortgage-backed securities, asset-backed securities and collateralized debt obligations.”
In reality, the misrepresentation in the marketing and sale of the RMK Morgan Keegan funds, coupled with the over concentration in subprime mortgage exposure lead to catastrophic investor losses in these bond and income funds. For more information on how you may recover losses related to these RMK Morgan Keegan funds, please contact our offices.