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Rating:A $125MM-AUM, 13-Year-Old Fund Switches Subadvisors Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, December 07, 2022

A $125MM-AUM, 13-Year-Old Fund Switches Subadvisors

Reported by Neil Anderson, Managing Editor

The folks at a 15-year-old, eight-fund, $1.4-billion-plus-AUM fund firm recently switched in a new subadvisor for one of their mutual funds. The change follows a 75-percent AUM drop in the fund in the last three years.

Timothy William "Tim" Reick
Liberty Street Advisors, Inc.
CEO
Tim Reick, CEO of Liberty Street Advisors Inc. [profile], recently confirmed that the New York City-based asset manager has brought in Naples, Florida-based Bramshill Investments, LLC as the new subadvisor for the $124.6-million-AUM Braddock Multi-Strategy Income Fund. Also, the fund has been renamed as the Bramshill Multi-Strategy Income Fund. The rebranding and subavisor swap took effect last Thursday, December 1.

The freshly rebranded fund was previously subadvised by Denver-based Braddock Financial, and the fund was previously PMed by: Garrett Tripp, senior portfolio manager at Braddock; and Toby Giordano, principal and PM at Braddock. The fund's new PM team includes: Ara Balanian, managing director and PM at Bramshill; Art DeGaetano, founder and chief investment officer of Bramshill; and Paul van Lingen, senior managing director and portfolio manager at Bramshill.

Per filings with the SEC, the subadvisory fee will remain unchanged and will still be paid by Liberty Street, not by the fund itself (and the fee will now be paid to Bramshill of course). The fund's investment objective will also remain the same, as will its fees. The fund comes in four flavors: A shares (BDKAX), with a maximum upfront load of 425 basis point, a maximimum deferred load of 100 bps, and an expense ratio of 176 bps; C shares (BDKCX), with a maximum deferred load of 100 bps and an expense ratio of 251 bps; T shares (BDKDX, currently not available for purchase), with a maximum up front load of 250 bps and an expense ratio of 176 bps; and institutional shares (BDKNX), with no loads and an expense ratio of 151 bps.

Liberty Street remains the fund's subadvisor, and the fund remains a series of Investment Manager Series Trust. The fund's other service providers include: Foreside Fund Services, LLC as distributor; Morgan, Lewis & Bockius LLP as counsel; Mutual Fund Administration, LLC as co-administrator; Tait, Weller & Baker LLP as independent accounting firm; UMB Bank, N.A. as custodian; and UMB Fund Services, Inc. as co-administrator, fund accountant, and transfer agent.

The fund launched back in July 2009 as a limited partnership (i.e. hedge fund) called the Braddock Structured Opportunities Fund, then it was converted into an open end mutual fund in December 2015. The fund surpassed $100 million in AUM in September 2017 and surpassed $500 million in August 2019

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