A 14-year-old tactical asset manager in Pennsylvania is entering the mutual fund business.
| Joe Newtz|
Business Development Manager
, business development manager at Absolute Capital
that the Pittsburgh-based shop just launched its first mutual funds, the Absolute Capital Asset Allocator Fund
and the Absolute Capital Defender Fund
. They teamed up with the teams at Gemini
and Northern Lights
, who provide distribution and operation support and more to small fund firms.
Newtz tells MFWire
that Absolute Capital has traditionally offered its five Asset Allocator
models and its three Portfolio Protector
models in separately managed account form through intermediaries, especially independent advisors. The Absolute Capital team, Newtz says, is getting the new funds on the Fidelity, Pershing, and TD Ameritrade platforms.
"I'm trying to put together a whole campaign around the funds," Newtz says.
Launching mutual funds, Newtz says, will help Absolute Capital extend its distribution in another channel.
"We deal with some work in the retirement plan space," through 401(k) brokerage windows (also called self-directed brokerage accounts), Newtz says. "That led us to a situation where we needed to come out with a couple of mutual funds to make sure we're players in that space."
Absolute Capital has more than $400 million in AUM and about 20 employees.
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