The folks at Montage Investments
have tapped an affiliated advisory shop to handle their latest mutual fund. Palmer Square Capital Management
] will advise the Palmer Square SSI Alternative Income Fund
and SSI Investment Management will serve as the subadvisor.
Montage is based in Leawood, Kansas and is controlled by Mariner Holdings, LLC.
Last year Montage put together
a team of 17 wholesalers to sell its mutual funds through various channels. At that time, company officials said that the team is headed by David Henriksen, Anthony Carrubba and Jenny Rhodus.
The new fund will follow an absolute return investment strategy and has raised approximately $160 million of investment capital through the partnership of Montage Investments, Palmer Square and SSI.
, president and chief investment officer of Montage Investments explained that the fund is intended to deliver "distinct alternative investment solutions that look beyond the traditional style boxes" to investment advisors.
Company Press Release
Palmer Square Capital Management Announces Launch of its Latest Mutual Fund in the Alternative Investment Space
The Palmer Square SSI Alternative Income Fund is a Pioneer in the Open-End Investment Space
LEAWOOD, Kan., May 29, 2012 /PRNewswire/ -- Palmer Square Capital Management LLC, a manager of customized alternative investment solutions, today announced the introduction of the Palmer Square SSI Alternative Income Fund, the firm's second open-ended mutual fund in the alternative investment space. In partnership with Montage Investments, Palmer Square and SSI have raised approximately $160 million of investment capital to launch the fund.
The fund seeks absolute returns and a steady income stream by investing long in convertible securities and by establishing short positions in the common stock of the issuers of those convertible securities. The fund offers investor and institutional share classes, trading under the symbols PSCAX and PSCIX, respectively. It is sub-advised by SSI Investment Management. With nearly 40 years of experience developing innovative investment strategies for a wide range of investors, SSI has managed this alternative income strategy since 1995.
"We believe the SSI team has a very successful, 17-year track record of managing this alternative income strategy, which leverages SSI's deep expertise in the convertible bond space," said Christopher D. Long, founder and president of Palmer Square Capital Management. "The strategy complements our focus on delivering risk-adjusted returns with low beta and correlation to traditional markets."
According to SSI's chief executive officer, Amy Jo Gottfurcht, "We are very excited to partner with Palmer Square in making this strategy available in a mutual fund, which provides us the opportunity to make our alternative income solution available to a wider range of investors."
The fund was enabled by Palmer Square's affiliation with Montage Investments – a diverse group of asset managers that offer a wide range of strategies designed to meet clients' needs. Montage offers multiple investment solutions to financial intermediaries, including mutual funds, closed-end funds, separately managed accounts and alternative partnership investments.
According to Gary Henson, president and chief investment officer of Montage Investments, "By offering this strategy in a mutual fund format, we are seeking to deliver our firm's overall goal of bringing financial advisors distinct alternative investment solutions that look beyond the traditional style boxes."
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