is getting into the '40 Act business. The Greenwood, South Carolina-based firm plans to launch two mutual funds next month and one next year.
The company is in the process of hiring a salesperson to go out and market its mutual funds
and separately managed accounts.
Greenwood was formed in 1983 when a textile company's pension department spun out from the mothership and since 2008, it has been majority owned by bank holding company TCB Corp.
, Greenwood's chief operating officer, told The MFWire.com
that the firm plans to unveil its first two mutual funds, the Crescent Large Cap Macro Fund
and Crescent Strategic Income Fund
on December 1. [SEC filing
The upcoming launch comes as Greenwood is preparing to shutter its two collective investment funds by the end of the year. The CIFs, each with $3 million to $4 million of assets, have the same investment strategies as the soon-to-be-unveiled mutual funds.
Greenwood started the CIFs around four years ago as its clients were moving away from defined benefit plans into defined contribution plans. The firm, however, encountered challenges in growing the asset base. Nix noted that distribution opportunities were limited for the CIFs. Meanwhile, Greenwood saw demand for mutual funds.
The external salesperson Greenwood is hiring will complement the efforts of Sandy Muncaster and her team on the internal sales desk.
Greenwood plans to roll out its third mutual fund, Crescent Mid Cap Macro Fund
, in six to nine months.
The firm hired Nottingham Shareholder
Services, LLC as transfer agent, Nottingham Management Company as fund accountant and
administrator, Capital Investment Group, Inc as distributor, BrookWeiner, L.L.C. as
independent registered public accounting firm
and Thompson Hine LLP as legal counsel.
Stay ahead of the news ... Sign up for our email alerts now