Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:After Selling Half Its Biz, a Subadvised Fund Firm Rebuilds and Reinvests Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, November 14, 2017

After Selling Half Its Biz, a Subadvised Fund Firm Rebuilds and Reinvests

Reported by Neil Anderson, Managing Editor

Liberty Street Advisors is going through a big reset thanks to a deal involving its biggest subadvisor and half of its staff.

As previously reported, last month New York-based Brookfield Asset Management's public securities group unveiled a deal to buy Houston-based Center Coast Capital Holdings, as well parts of New York-based Liberty Street and parts of Liberty Street affiliates HRC Fund Associates and HRC Portfolio Solutions. The deal also involves Liberty Street's flagship mutual fund, the $2.8-billion Center Coast MLP Focus Fund, moving to Brookfield. Liberty Street will have about $1.5 billion in AUM after the deal, including about $500 million in its four other mutual funds.

"We're innovators. We have other innovative products that we'll be out there selling," Victor Fontana, president of Liberty Street and HRC, tells MFWire. "We have a system so we're able to rebuild the sales force with people who would be starting fresh."

"First and foremost, we are marketers of products," with a particular focus on the wirehouses, Fontana adds.

Liberty Street started back in 2003 in the separately managed account space, and it launched its first mutual fund in 2007. About 15 of the 30 people at HRC and Liberty Street will move over to Brookfield as part of the deal, which is expected to close in Q1 2018. The remaining Liberty Street and HRC team (Liberty Street advises a family of subadvised mutual funds, while HRC is the third-party marketing and operations shop for Liberty Street) will "reinvest in the business to build it out again," Fontana says.

"This is the first time that we've had something like this happen," Fontana says, adding that the Center Coast-Brookfield-Liberty Street-HRC deal is "just a very good fit all around."

"We're staying independent," Fontana adds. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2017
40 Wall Street | 28th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use