For Immediate Release
Sentinel Asset Management Agrees To Purchase
Assets of Bramwell Capital Management
MONTPELIER, VT and NEW YORK, NY -- December 12, 2005. Sentinel Asset Management,
Inc. and Bramwell Capital Management, Inc. announced today that they have
reached a preliminary agreement for Sentinel to acquire substantially all the
assets of Bramwell. The acquisition is subject to the execution of a definitive
asset purchase agreement by Sentinel and Bramwell, the execution of a definitive
Agreement and Plan of Reorganization by the Sentinel Funds and the Bramwell
Funds, and approval by the Bramwell Fund shareholders.
Elizabeth R. Bramwell, CFA, the owner of Bramwell and portfolio manager of the
Bramwell Growth Fund and the Bramwell Focus Fund, is expected to join Sentinel's
Investment Department as Senior Portfolio Manager. If all required approvals are
obtained, the acquisition is expected to be completed in the first quarter of
next year. Terms of the agreement were not disclosed.
Ms. Bramwell is expected to lead the Large Cap Growth team at Sentinel, while
she continues to manage the two funds after they become a part of the Sentinel
Family of Funds. She will continue to lead her team of investment professionals
and remain located in New York City. The two funds will have substantially the
same investment objectives, policies and strategies as the Bramwell Growth Fund
and the Bramwell Focus Fund and the investment approach will be the same.
Bramwell currently manages over $260 million in assets, including the Bramwell
Growth and Bramwell Focus Funds and institutional and individual accounts.
Sentinel Asset Management is a wholly owned subsidiary of National Life Holding
Company and currently, with its subsidiaries, manages over $17 billion.
The Board of Directors of The Bramwell Funds has called a special meeting of
shareholders to be held on March 10, 2006, at which time the shareholders of
each of the Bramwell Growth Fund and the Bramwell Focus Fund will vote on the
proposed reorganization pursuant to which the assets and liabilities of each of
the Funds would be transferred to two newly created funds advised by Sentinel
Advisors Company, an affiliate of Sentinel Asset Management. Only shareholders
of record at the close of business on January 11, 2006 will be entitled to vote.
"This is a great strategic combination of investment talent, well-established
investment management products and new distribution channels," said Christian W.
Thwaites, President and CEO of Sentinel Asset Management. "Elizabeth brings a
wealth of experience and talent to Sentinel. Her excellent long-term track
record and reputation as a highly successful Growth investor will add to our
ability to deliver compelling investment options to financial advisors and their
clients. We expect the purchase to benefit both companies and their clients."
"We are excited about joining a highly respected partner," said Ms. Bramwell.
"Our clients will continue to receive the investment management expertise that
they have entrusted to us. Investors will also have the opportunity to benefit
from the full product array, scale and broad distribution resources of Sentinel
Asset Management."
Sentinel Asset Management, Inc., an affiliate of the National Life Group, is
headquartered in Montpelier, Vermont and is responsible for managing assets for
the National Life Insurance Company and Life Insurance Company of the Southwest,
as well as the investment portfolios of the Sentinel Funds through its
affiliate, Sentinel Advisors Company. Other Sentinel Asset Management affiliates
include Sentinel Financial Services Company, which markets and distributes the
Sentinel Funds, and Sentinel Administrative Service Company, which provides
shareholder, transfer agent and fund accounting services to the fund group. The
Sentinel Funds, originally established in 1933, are currently made up of
fourteen portfolios including a mix of equity, fixed-income and money market
offerings.
Bramwell Capital Management, Inc., based in New York City, the investment
advisor for the Bramwell Growth Fund and the Bramwell Focus Fund, was
established in 1994 by Elizabeth R. Bramwell, CFA. Ms. Bramwell began her career
at Morgan Guaranty Trust Company and has had more than thirty years of
experience in securities analysis and portfolio management encompassing an
extensive range of market environments.
Grail Partners LLC is an advisor to Sentinel Asset Management in this
transaction.
Please Note That This Is Not Intended To Be A Solicitation For Proxy. The
Bramwell Funds Will File A Proxy Statement With The Securities And Exchange
Commission ("SEC"). All Shareholders Are Advised To Read The Proxy Statement In
Its Entirety When It Becomes Available, Because It Will Contain Important
Information Regarding The Proposals, The Persons Soliciting Proxies in
Connection With The Proposals And The Interests Of These Persons In the
Proposals and Related Matters. The Proxy Statement Will Be Mailed to Record Date
Shareholders Once It Is Effective. Shareholders May Obtain a Free Copy Of The
Proxy Statement, When Available, And Other Documents Filed With The SEC At The
SEC's Website At WWW.SEC.GOV. In Addition To The Proxy Statement, The Bramwell
Funds May File Annual, Quarterly And Special Reports, Proxy Statements And Other
Information With The SEC. You May Read And Copy Any Reports, Statements Or Other
Information Filed By The Bramwell Funds At The SEC's Public Reference Rooms At
100 F. Street, N.E., Washington, D.C. 20549 And At The SEC's Regional Offices In
New York At 233 Broadway, New York, New York 10279 And In Chicago At 175 West
Jackson Boulevard, Suite 900, Chicago, Illinois 60604.
Participants In The Solicitation. The Bramwell Funds Directors May be Soliciting
Proxies From The Bramwell Fund Shareholders In Favor Of The Proposals. Any
Direct Or Indirect Interest Of The Participants In The Solicitation Will Be
Described In The Proxy Statement.