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Rating:Touchstone Rolls Out a Merger Arbitrage Fund Not Rated 5.0 Email Routing List Email & Route  Print Print
Monday, August 29, 2011

Touchstone Rolls Out a Merger Arbitrage Fund

Reported by Armie Margaret Lee

Touchstone Investments has rolled out the Touchstone Merger Arbitrage Fund sub-advised by Longfellow Investment Management.

Boston-based Longfellow also sub-advises another Touchstone product, the Short Duration Fixed Income Fund.

"Volatile equity markets and an uncertain interest rate path have prompted many investors to embrace alternative sources of investment returns," said Touchstone president Steve Graziano in a press release.

CINCINNATI, Aug. 25, 2011 -- Touchstone Investments announced an addition to its alternative investment offerings by launching the Touchstone Merger Arbitrage Fund.  The Fund will be sub-advised by Longfellow Investment Management Co., which also serves as sub-advisor to the Touchstone Short Duration Fixed Income Fund. The Touchstone Merger Arbitrage Fund seeks to achieve positive returns regardless of market conditions over the long-term.  It primarily invests in securities of companies that are involved in publicly announced mergers and other corporate reorganizations.  Merger arbitrage is an investment strategy that seeks to capture the "arbitrage spread" represented by the difference between the market price of the securities of the company that is being purchased and the value that is offered for these securities by the acquiring company. The Fund will be offered across several share classes.

"Volatile equity markets and an uncertain interest rate path have prompted many investors to embrace alternative sources of investment returns.  The Touchstone Merger Arbitrage Fund represents one such alternative for investors seeking low-correlated returns to traditional stocks and bonds," said Steven Graziano, president of Touchstone Investments.  "We are pleased to offer Longfellow's merger arbitrage investment expertise as a mutual fund."

Identifying, quantifying and managing risk forms the foundation of Longfellow's strategy.  Focus is placed on what are considered to be low-to-moderate risk transactions of small-to-mid cap size deals of publicly listed and traded equity and fixed income securities.  The Fund's portfolio management team includes Barbara J. McKenna, CFA; David W. Seeley, CFA; Alexander R. Graham; and Andrew A. Shafter.  Collectively, the team brings more than four decades of merger arbitrage experience to Touchstone.

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