A $27-billion institutional fixed income asset manager just launched its second open-end mutual fund, with about $160 million in it right off the bat. Don't expect a third just yet, though.

On Friday New York City-based Shenkman Capital Management unveiled its Shenkman Floating Rate Income Fund (SFHIX). Bob Sherman, chief operating officer at Shenkman, confirms that Shenkman's clients put about $160 million into the new institutional fund on day one.

Sherman says that Shenkman clients asked for a mutual fund version of the strategy.

"We like to have our clients access our different investment strategies in a variety of different ways," Sherman tells MFWire.

Shenkman's first open-end mutual fund is a short-duration high yield fund. Sherman says the shop has no plans at the moment to launch additional open-end funds. (Shenkman also does subadvisory work for outside mutual funds.)

The new fund draws on capabilities Shenkman already uses in separate accounts and private funds, PMed by bank loan team chief David Lerner. 

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