Columbia Management today announced the launch of a liquid
alternative mutual fund, the Columbia Adaptive Alternatives
Fund (CLAAX). The fund provides retail investors access to a
diverse portfolio of alternative investments through collaboration
between Columbia Management and Blackstone Alternative Investment
Advisers LLC.
Through the convenience of a traditional mutual fund with daily
liquidity and multiple share classes, the fund offers investors
access to a Blackstone-advised multi-strategy fund that leverages
the skill of a number of underlying hedge fund advisers selected by
Blackstone, and to alternative beta strategies and non-traditional
asset classes (including commodities, REITs, inflation-linked bonds
and listed private equity) managed by Columbia Management.
The structure of the fund can provide several benefits: Access
to a wide array of alternative investments and strategies selected
by two leading investment firms packaged in a daily liquidity
mutual fund, return opportunities designed to be uncorrelated to
traditional asset classes – stocks and bonds – and the
diversification benefits of alternative investment strategies.
The fund is managed by Jeffrey Knight, CFA, William Landes,
Ph.D., and Marc Khalamayzer, CFA. Investors are increasingly
looking for portfolio diversifiers to reduce the impact of volatile
markets and the portfolio management team’s goal is to provide
investors absolute (positive) returns over a complete market cycle
with the expectation that those returns will have a low correlation
to traditional asset classes such as stocks and bonds.
The fund offers Class A and Class C Shares, both with $2,000
minimum initial investments for all accounts other than IRAs, which
is $1,000. The Fund also offers Class R, Class R4, Class R5, Class
Y and Class Z shares.
“Alternative investments offer the potential to increase
portfolio diversification by generating returns that are
uncorrelated to traditional stock and bond markets. We are excited
to bring investors a daily liquid alternative mutual fund powered
by the hedge fund expertise of Blackstone and the alternative
investment expertise of Columbia,” said Bill Landes, Portfolio
Manager and Deputy Head of Global Investment Solutions at Columbia
Management.
John McCormick, Global Head of Strategy for Blackstone’s Hedge
Fund Solutions platform, added, “The Blackstone fund, in which the
Columbia Adaptive Alternative Fund indirectly invests, leverages
our extensive experience building custom solutions for
sophisticated institutional investors. We at Blackstone are
confident that we have identified hedge fund strategies and
managers that translate well into a multi-manager solution in a
1940 Act framework. Investors will benefit from Blackstone’s
manager due diligence procedures, top down asset allocation views
and ongoing portfolio management capabilities.”
About the portfolio managers:Jeffrey Knight is
Global Head of Investment Solutions and Asset Allocation for
Columbia Management. Mr. Knight joined the firm in 2013 and has
been a member of the investment community since 1987. Mr. Knight
earned a B.A. from Colgate University and an M.B.A. from the Tuck
School of Business at Dartmouth College. He holds the Chartered
Financial Analyst designation.
William Landes is Deputy Head of Global Investment
Solutions for Columbia Management He joined the firm in 2014 and
has been in the investment community since 1985. Mr. Landes
received a B.S. in economics from the University of Findlay and a
Ph.D. in finance from University of Cincinnati.
Marc Khalamayzer is a portfolio manager for the Global
Investment Solutions Team at Columbia Management. Mr. Khalamayzer
joined the firm in 2014 and has been a member of the investment
community since 2006. Mr. Khalamayzer received an M.S. in finance
and a B.S. in economics-finance from Bentley University. He holds
the Chartered Financial Analyst designation.
About Columbia Management:Columbia Management is the
eighth largest manager of long-term mutual fund assets with $357
billion under management* as September 30, 2014. Columbia
Management is a subsidiary of Ameriprise Financial, Inc. (NYSE:
AMP). For more information please visit columbiamanagement.com.
Follow us on Twitter @ColumbiaMgmt.
About Blackstone:Blackstone is one of the world’s leading
investment firms. We seek to create positive economic impact and
long-term value for our investors, the companies we invest in, and
the communities in which we work. We do this by using extraordinary
people and flexible capital to help companies solve problems. Our
asset management business, with almost $300 billion in assets under
management, include investment vehicles focused on private equity,
real estate, public debt and equity, non-investment grade credit,
real assets and secondary funds, all on a global basis. Blackstone
also provides various financial advisory services, including
financial and strategic advisory, restructuring and reorganization
advisory and fund placement services. Further information is
available at www.blackstone.com. Follow us on Twitter
@Blackstone.
Blackstone’s Hedge Fund Solutions platform is the world’s
largest discretionary investor in hedge funds, with $64 billion in
assets under management. We manage a diversified set of businesses
including a customized solutions business, a special solutions
platform, a long-only solutions business, a hedge fund seeding
business, an open-ended mutual fund platform and a business that
purchases stakes in established hedge funds. We carefully select
and partner with fund managers across a variety of asset classes
and strategies to create solutions for our investors. Through our
sharp focus on clients’ goals, a rigorous due-diligence process and
access to Blackstone’s global insights we strive to generate
attractive risk-adjusted returns across market cycles while
preserving capital during stressed market environments.
*$357bn AUM as of 9/30/14 includes assets from Columbia
Management Investment Advisers, LLC and its affiliate Columbia
Wanger Asset Management, LLC.
Blackstone’s and Hedge Fund Solution’s AUM as of 09/30/14.
Source: Form 10-Q filed 11/06/14.
Columbia Management and Blackstone are not affiliated.
Investment products offered through Columbia Management
Investment Distributors, Inc., member FINRA. Advisory services
provided by Columbia Management Investment Advisers, LLC.
Investors should consider the investment objectives, risks,
charges and expenses of the fund carefully before investing. The
prospectus and summary prospectus, which contains this and other
information about the fund, should be read carefully before
investing. Please visit columbiamanagement.com for a free
prospectus.
Absolute return funds are not designed to outperform stocks
and bonds in strong (upward) markets. Market risk may affect a
single issuer, sector of the economy, industry or the market as a
whole. Alternative investments involve substantial risks and
are more volatile than traditional investments, making them more
suitable for investors with an above average tolerance for risk.
Foreign investments subject the fund to risks, including
political, economic, market, social and others within a particular
country, as well as to currency instabilities and less stringent
financial and accounting standards generally applicable to U.S.
issuers. The fund's investment in other funds subjects it to
the investment performance (positive or negative), risks and
expenses of these underlying funds. The fund employs multiple
strategies that may result in contradicting trades (i.e., with
no net benefit to the fund), while increasing transaction costs.
The sales price the Fund (or its underlying investments) could
receive for any particular investment may differ from the Fund's
(or underlying investment's) valuation of the investment.
Investing in derivatives is a specialized activity that
involves special risks that subject the fund to significant loss
potential, including when used as leverage, and may result in
greater fluctuation in fund value. The fund's use of
leverage subjects additional fund assets to the risk of
loss. As a non-diversified fund, fewer investments could
have a greater effect on performance.
Diversification does not assure a profit or protect against
loss.
Class R, R4, R5, Y and Z shares are sold at net asset value
and have limited eligibility. Columbia Management offers multiple
share classes, not all necessarily available through all firms, and
the share class ratings may vary. Contact us for details.
Columbia Funds are distributed by Columbia Management Investment
Distributors, Inc., member FINRA, and managed by Columbia
Management Investment Advisers, LLC.
© 2015 Columbia Management Investment Advisers, LLC. All rights
reserved.
Columbia Management Investment Distributors, Inc.225 Franklin
Street, Boston, MA 02110
Adtrax 1109135
For Columbia ManagementCarlos Melville,
617-897-9384carlos.melville@ampf.com
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