Frank Cappiello, the Baltimore partner in a San Francisco-based investment firm and a regular on public television's "Wall $treet Week," is starting three new mutual funds with the help of the Rushmore Group, a Bethesda-based mutual fund company.
The Rushmore Group, which manages about $1.2 billion, will handle the expenses related to administrative, distribution and marketing efforts, while Mr. Cappiello will help find investors and manage the funds. The funds received approval from the Securities and Exchange Commission this week, Mr. Cappiello said.
The two partners plan to start growth, emerging growth and utilities funds; Mr. Cappiello said he hopes to raise about $75 million within a year.
They will be no-load funds, on both the front and back ends, said Mr. Cappiello, who is a partner in the San Francisco-based McCullough, Andrews & Cappiello, which manages about $1 billion for some 100 clients.
Since 1983, Mr. Cappiello has managed four funds for the Carnegie Group, a joint venture of four regional brokerage firms from around the nation.
But this year, Carnegie opened the management of the funds to outside bidders, and a Dutch consortium beat Mr. Cappiello, he said.