A fund-of-funds shop in the Sunshine State just launched its second mutual fund, yet don't expect a third to come anytime soon.

This week Coral Gables, Florida-based Collins Capital unveiled its Collins Long/Short Credit Fund, subadvised by Pinebank Asset Management. Collins PM Steve Mason confirms that the shop has "no immediate plans" to launch any more mutual funds.

"We're not looking to launch a bunch of mutual funds," Mason tells MFWire. "It's more of an opportunistic thing for us."

If Collins does eventually work on launching another mutual fund, Mason points to event-driven equity strategies as one tempting area.

Collins dates back to 1995. The shop, co-founded and led by ex-Miami Fed chair Dorothy Weaver, entered the mutual fund business in May 2012 with the debut of the Collins Alternative Solutions Fund. Just under three years later, that fund now has $143.4 million in assets. As of Collins' latest form ADV, filed with the SEC in March 2014, Collins had just shy of $492 million in total assets under management. Collins offers A shares and I shares of its funds, and primarily distributes through independent advisors.

As for the new mutual fund, Mason notes that Pinebank already subadvises a chunk of the Collins Alternative Solutions Fund. He predicts more dispersion in credit managers going forward, an environment prime for a long/short credit fund like the new Collins fund to take advantage of. 

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