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.21 Overview of mergers
Publication date: 27 Jul 2018
us Investment companies ARM 9652.21
Fund mergers are generally done under one of three scenarios: 1) mergers between two existing operating funds that are unrelated; 2) mergers between two funds of a single fund family; or 3) the merger of an operating fund into a shell entity (effectively an acquisition rather than a merger).
The merger of an existing, operating fund into another fund is typically done to achieve economies of scale. Because the two funds are separate legal operating entities, there may be risk to the extent of incompatibility of, or unfamiliarity with, the operational, tax and accounting policies of each entity.
PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
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