is using the Schwab Impact Conference
, which kicked off yesterday at the Boston Convention and Exhibition Center, as an opportunity to get the word out on its foray into the mutual fund business.
Swank on October 19 unveiled the Cushing MLP Premier Fund
] and formally announced the launched today. Company officials told The MFWire.com
that the Dallas, Texas-based firm plans to launch a second mutual fund early next year.
The MLP Premier Fund is available through supermarkets such as Schwab OneSource, Vanguard and Pershing, said Gavin Worthy
, vice president of sales operations and business development. Swank is working to get the fund on Fidelity FundsNetwork, ETrade and others, and is also selling the funds through wirehouses and independent broker-dealers.
To help get build awareness of its '40 Act product, Swank Capital hired PR firm SunStar Strategic.
Demand for high income, high yield offerings prompted the product launch, Worthy said.
Swank Capital has been around since 2001 and has AUM of more than $1 billion. Swank and its subsidiaries serve as investment adviser to funds that invest mainly in securities of MLPs and other natural resource companies.
The fund comes in three share classes:
A, C and I. Until at least November 2011, the fund's operating expenses will not exceed 140 bps for the three share classes.
Swank Energy Income Adviser, LLP
is the investment adviser, U.S. Bancorp
Fund Services is the administrator, transfer
agent, dividend paying agent and shareholder
servicing agent, U.S. Bank serves as custodian,
Deloitte & Touche LLP is the indepedent
registered public accounting firm, Quasar
Distributors is the distributor and
Skadden, Arps, Slate, Meagher & Flom LLP
is the legal counsel.
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