VALLEY FORGE, Pa., Jan. 19, 2005 (PRIMEZONE) -- Quaker Funds, Inc. announces the sale by its President, Kevin J. Mailey, of his entire interest in the company. Further, Mr. Mailey's resignation as President and Director of the Quaker Funds, Inc., became effective January 14, 2005.
"We are grateful to Kevin for his valuable contributions to The Quaker Funds since he came on board in 2000," says Jeffry King, the founder of The Quaker Funds. "Kevin helped establish a solid foundation and we want to emphasize to our loyal shareholders and intermediaries whose assets have been entrusted to us that we are committed to delivering the same quality service and performance to which they have come to expect. We at The Quaker Funds thank you for your continued business and trust."
"The Quaker story is one of which I personally am very proud," says Mr. Mailey. "Quaker's mission statement is to provide entrepreneurial, institutional quality money managers in a mutual fund format. I believe that mission is being accomplished."
During Mr. Mailey's tenure at Quaker, the Trust grew from $75 million to over $675 million in assets and expanded its offering from six funds with one share class to ten funds with four share classes. Quaker has also enjoyed growth in the areas of staffing, market penetration, administrative services, and the number of selling alliances.
"First, I wish to thank Jeffry for the opportunity to be part of this great story," says Mr. Mailey. "I also want to congratulate the staff of The Quaker Funds for a magnificent job and to thank the Board of Trustees of the Trust for their stewardship, as the investment management industry has endured intense regulatory scrutiny and reform in recent years. Furthermore, I want to express my deep appreciation to all of the financial advisors whose participation has contributed immensely to the growth of our fund family."
The Quaker Funds are distributed by Citco Mutual Fund Distributors, Inc., an NASD member. For more information regarding the Quaker Funds, including fees and expenses, contact the Fund at 1-800-220-8888 to request a current prospectus. Please read the prospectus carefully before investing or sending money.