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Fasciano in August Commentary

I was a relatively early investor in the original Fasciano Fund. I made a modest initial investment and received a hand-written letter of thanks from Mike Fasciano. I was impressed. A few years later I sold my shares when enough changes had occurred that I could no longer tell for sure who owned the fund or what its name was. Today reading the updated story I am finding some oddities. I am reading that the launch of ASAFX was in December of 2009 and its dissolution occurred two months earlier in October 2009. This is a typo or an anachronistic anomaly, or... ? And after reading the entire article I'm not sure if Michael Fasciano is retired or has returned to managing a fund. I think this may be because there are elements in the article from 2010 that were accurate at the time.

Comments

  • @Ben: you were not the only one confused.
  • I was groggy. I'll fix the dates at the end. Aston/Fasciano (which became AMG Aston Fasciano was in operation for about 12 months. MF was underwriting operations to the tune of about 150K per year and didn't see that changing within a reasonable time frame.

    Fasciano Associates, today, doesn't have a website and I couldn't find a Form ADV for it. Mike has a LinkedIn but has never posted. The regulatory filings place the HQ at his home in Lake Forest. From that, I'm assuming he's now a "private investor" which sort of looks like being retired.

    David
  • Here's the timeline, so far as I can reconstruct it from the SEC record. Chip will tweak the article to clean up the 2009/2010 confusion.

    On November 10, 1988, Fasciano Fund launches.

    On March 23, 2001, the Neuberger Berman Fasciano Fund acquired 100% of the assets and liabilities of the Fasciano Fund (as a cost of $94,278.79).
    Beside the scenes: On March 20, 2008, Judith Vale And Robert D'Alelio are appointed as the managers for Neuberger Berman Fasciano. On March 26, 2008, the Board of Trustees approved the merger of Neuberger Berman Fasciano Fund into Neuberger Berman Genesis Fund. In June 2008, Mr. Fasciano launches Fasciano Associates in Chicago and bides his time.
    On August 15, 2008, Neuberger Berman Genesis acquired all of the net assets of Neuberger Berman Fasciano Fund.

    On December 30, 2009, Aston/Fasciano Small Cap Fund launches.

    On December 30, 2010, Aston/Fasciano liquidates, following Mr. Fasciano’s October decision to do so.

  • Thanks, David. That not only clears up what I didn't understand today but also why I was unsure who owned and managed the Neuberger Berman Fasciano Fund 20+ years ago.
  • edited August 2023
    Fascinating stuff on Neuberger Berman where I have a significant holding (NLSAX). Had no idea of their storied past. Wikipedia: “Founded in 1939, Neuberger Berman is a privately held asset management firm, which is 100% owned by its employees.”
  • From 2003-08, Neuberger & Berman was owned by Lehman. Luckily, it was one of the bright stars in otherwise sinking Lehman portfolio and came out OK in 2009 post-Lehman spinoff.
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