William Brennan is out as PM to the $27.7 million Kinetics Water Infrastructure fund (KWIAX). Kinetics officials revealed on Friday that its own advisory arm -- Kinetics Asset Management -- will take over as advisor to the fund.

The fund had been subadvised by Brennan Investment Partners, LLC since it was launched in 2007. During that time it earned a 5-star rating from Morningstar. The fund is investing solely in water-related investments.

Kinetics did not reveal in the filing why the change is being made.

However, William Brennan and Shirley Eckman left Brennan Investment Partners on July 1 to join Summit Global Management. Summit is an RIA that works with qualified and offshore investors.

Summit's hiring of Brennan and Eckman follows its recruitment in May of Craig Engler and Rob Steiner as special project managers in advance of imminent capital closings for private water investment products.

Kinetics named Peter B. Doyle, Murray Stahl and David Kingsley as the new lead PMs for the fund with James Davolos also joining the management team. 

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