Highland Now New Investment Adviser For GE Funds

DALLAS and STAMFORD, Conn., Feb. 22, 2011 /PRNewswire/ -- Highland Funds Asset Management, L.P. ("Highland") and GE Asset Management Incorporated ("GEAM") announced today the completion of Highland's appointment as the new investment adviser for the GE Funds.  The GE Funds Board of Trustees had approved the proposal in September 2010, and the action received the required approvals from the shareholders of the funds in December.

Highland now serves as the funds' investment adviser with GEAM continuing to manage the assets of all of these funds as sub-adviser, with the exception of the GE Small-Cap Equity Fund, which currently uses other third-party sub-advisers.  

The GE Funds family is comprised of 16 mutual funds, 12 of which are active, for individual investors with approximately $1.2 billion in total assets.  Highland has rebranded the GE Funds as part of the Highland Funds family, which currently consists of a family of four other mutual funds managed by Highland or its affiliates with approximately $2.1 billion in total retail assets under management. The GE Funds' array of offerings complements Highland's lineup and provides the Highland Funds family with a broader product range.

The appointment of Highland as the GE Funds' new investment adviser combines Highland's and its affiliates' established advisor and retail distribution capabilities with GEAM's capabilities as an investment manager.  

"We are delighted to be able to offer investors such a broad and diverse suite of funds as we continue to build out our unique platform and expand our client base," said Joe Dougherty, President and CEO of Highland Funds.

"We look forward to growing our relationship with Highland Funds for many years to come," added Mike Cosgrove, President and CEO of Mutual Funds and Intermediary Business at GEAM.  "Their experience and established presence will allow us to bring our investment capabilities to an even wider group of investors while we focus our efforts on our core strengths as an asset manager."

About Highland Funds Asset Management

Based in Dallas, Texas, Highland Funds Asset Management is an SEC registered investment advisor to the Highland Funds.  Highland Funds is known as one of the premier providers of unique fund strategies distributed through financial intermediaries. The Highland Funds complex consists of a number of distinct registered investment companies falling into three types: open-end "mutual" funds; closed-end "interval" funds; and traditional closed-end funds. With the GE Funds, Highland Funds will have over $3.3 billion in retail assets under management.

Investors should consider the investment objectives, risks, charges and expenses of the Highland Funds carefully before investing.  Please call 1-877-665-1287 or visit www.highlandfunds.com for more information on the Funds.  Please read the prospectus carefully before you invest.

Securities may be offered through NexBank Securities, Inc., an affiliate of Highland Capital Management, L.P. NexBank Securities, Inc. is a FINRA member firm.

About GE Asset Management Incorporated

GEAM is a global asset manager wholly owned by General Electric Company, an advanced technology, services and finance company taking on the world's toughest challenges.  Built on an 80-year heritage of investment experience, GEAM, along with its subsidiaries, today manages approximately $119 billion (as of December 31, 2010) in total assets.  Portfolios managed by GEAM and its subsidiaries include client assets for leading institutions and individual investors around the world, and the $45 billion GE U.S. Pension Trust.  Investment strategies are offered across all major asset classes, including U.S. and non-U.S. equities, fixed income, and alternative assets.

This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include the anticipated ongoing relationship between GEAM and Highland and the possible distribution of the funds.  The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

SOURCE Highland Funds Asset Management, L.P.