James Allan Bisenius Komfie Manalo, Opalesque Asia:
Common Sense Investment Management is set to lose another investor after its CEO Jim Bisenius got embroiled in a prostitution sting and was arrested by authorities more than two weeks ago.
In a report, Business Journal said that a confidential memo from Portland-based wealth manager Arnerich Massena told clients he was planning to end its more than 20-year relationship with the fund firm, following the arrest of Bisenius and the funds’ recent poor performance. Arnerich’s clients invest in several Common Sense funds.
The report quoted Arnerich Massena’s memo as saying, "(We) will continue to monitor the situation closely and will provide updates on any changes at (Common Sense) and to our recommendation as we learn more. While our continuous due diligence of (Common Sense Investment Management) has never given us reason to question the firm's integrity or their safekeeping of our clients' assets, Mr. Bisenius' arrest raises serious concerns in spite of the fact that everyone is innocent until proven guilty under the American legal system."
Bisenius founded Common Sense Investment Management, a fund of funds manager based in Oregon, 23 years ago. The firm manages $3.2bn in assets under management, down from $3.9bn last year and $4.2bn billion in 2011, says ......................
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