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Rating:Will This Empire State MF Shop Transform Instead of Exiting? Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, May 01, 2017

Will This Empire State MF Shop Transform Instead of Exiting?

Reported by Marisa Santella

Bruderman Asset Management, a $1.3 billion investment advisory firm headquartered in Suffern, NY, is potentially launching a new product with their sister company, Montebello Partners.

This TBD product launch is accompanied by Bruderman's decision to close its GMG Defensive Beta Fund, the firm's only mutual fund, effective late May.

Montebello Partners was created exclusively to act as the RIA for the mutual fund.

The GMG Defensive Beta Fund first debuted in 2009 as a multi-alternative fund that incorporated stocks, bonds, and commodities into a single portfolio, "in a time when most [alternative] mutual fund products found today weren't available," Oliver Pursche, CEO of Bruderman Asset Management, and Bruderman Brothers, tells MFWire.

(Bruderman Asset Management, is the parent of Bruderman Brothers, a B-D mostly focused on investment banking and private equity.)

According to Pursche, since the current equity markets made alternative funds a little slow for now, "the best option was to close the fund because it didn't get traction in terms of performance," said Pursche.

Due to the close, Montebello will end all operations by this month, unless Bruderman decides to launch a new product.

Pursche says the Bruderman team expects the potential product to be an actively-managed ETF, where Montebello would also act as RIA.

"We believe in active management. We want to develop a product that is unavailable to investors, and serves interest," said Pursche. 

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