A fund-of-funds shop in the Sunshine State just launched its second mutual fund, yet don't expect a third to come anytime soon.
This week Coral Gables, Florida-based Collins Capital unveiled
its Collins Long/Short Credit Fund
, subadvised by Pinebank Asset Management
. Collins PM Steve Mason
confirms that the shop has "no immediate plans" to launch any more mutual funds.
"We're not looking to launch a bunch of mutual funds," Mason tells MFWire
. "It's more of an opportunistic thing for us."
If Collins does eventually work on launching another mutual fund, Mason points to event-driven equity strategies as one tempting area.
Collins dates back to 1995. The shop, co-founded and led by ex-Miami Fed chair Dorothy Weaver
, entered the mutual fund business in May 2012 with the debut of the Collins Alternative Solutions Fund
. Just under three years later, that fund now has $143.4 million
in assets. As of Collins' latest form ADV
, filed with the SEC in March 2014, Collins had just shy of $492 million in total assets under management. Collins offers A shares and I shares of its funds, and primarily distributes through independent advisors.
As for the new mutual fund, Mason notes that Pinebank already subadvises a chunk of the Collins Alternative Solutions Fund. He predicts more dispersion in credit managers going forward, an environment prime for a long/short credit fund like the new Collins fund to take advantage of.
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