A Garden State Alt Income Subadvisor Merges
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Thursday, March 31, 2016

A Garden State Alt Income Subadvisor Merges

A East Coast-based alternative income asset manager that subadvises a pair of mutual funds is merging with another institutional asset manager.

Kevin Kinzie
LoCorr Funds
Chief Executive Officer
Jim Copell, CEO of Boston, Massachusetts- and Hasbrouck Heights, New Jersey-based Trust & Fiduciary Management Services, confirms to MFWire in an e-mailed statement that TFMS has merged with Hackensack, New Jersey-based Bramshill Investments. The combined entity has rebranded as Trust and Fiduciary Income Partners (TFIP).

MFWire could not reach Art DeGaetano (founder, managing member, and chief investment officer of Bramshill) for comment on the deal.

Per a recent filing with the SEC, the merger closed on March 28. The pricing and terms were not disclosed.

Kevin Kinzie, CEO of LoCorr Funds [profile], confirms that TFIP will take up TFMS' subadvisory duties on the $86.4-million LoCorr Spectrum Income Fund and on the $35.3-million LoCorr Multi-Strategy Fund. TFMS is the primary subadvisor on the Spectrum Income fund and handles a small sector of the Multi-Strategy fund.

Kinzie says that the TFMS-Bramshill deal "strengthens [TFMS'] bench and their ability to support."

"We're looking at it as very much a positive," Kinzie tells MFWire. "Bramshill has got a more significant research area."

"The experience of Bramshill in the credit markets brings a level of analysis to TFIP that overnight makes this combination the most well-regarded in alternative income portfolio management," Copell states.

DeGaetano of Bramshill has joined the PM teams for the two-year-old Spectrum Income fund and for the year-old Multi-Strategy fund. LoCorr also added its own Sean Katof, senior vice president, as a PM on those two funds as well as on the LoCorr Managed Futures Strategy Fund, the LoCor Long/Short Commodities Strategy Fund, and the LoCorr Long/Short Equity Fund.

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