Aquila Investment Management Bolsters Kentucky Municipal Bond Fund Management Team

Reiterates its commitment to locally-based fund management

Oct 26, 2011, 10:10 ET from Aquila Investment Management LLC

NEW YORK, Oct. 26, 2011 /PRNewswire/ -- Aquila Investment Management LLC continues to build its investment team and has announced that Louisville-based Royden P. Durham has joined the company and been named Vice President and Co-Portfolio Manager of Churchill Tax-Free Fund of Kentucky, a municipal bond fund that invests in bonds which are exempt from Kentucky and federal incomes taxes.

With the hiring of the Kentucky-based portfolio manager, Aquila reiterates its commitment to utilize local investment talent in the management of its municipal bond funds.  Mr. Durham will continue to be based in Louisville and will travel throughout the state to conduct research on current and prospective investments and meet with the financial professional community.  Each of Aquila's single state municipal bond funds is managed by a locally-based portfolio manager or supported by a local research analyst.  

"Royden's extensive financial industry experience both in the fixed income and equity areas enhances and bolsters Aquila's portfolio management expertise," said Diana Herrmann, President and CEO of Aquila Investment Management.  "We believe that the Fund's shareholders will be particularly well served by the insights and experience he has gained over the years in the Kentucky financial services industry," she added.  

Mr. Durham's career in the financial services industry spans 33 years, during which he has served as portfolio manager and trust investment officer, managing domestic and foreign fixed-income and equity assets. He has held investment positions at firms including JP Morgan Chase, Regions Morgan Keegan Trust, and The Sachs Company / Louisville Trust Company, where he served as the Municipal Securities Rule Making Board representative for the firm.  Mr. Durham has managed individual, institutional and endowment accounts and carried out responsibilities in trading, research and credit analysis.  He began his career on the sell side of the municipal bond market with Dean Witter Reynolds and Bache Halsey Stuart.  Most recently, he served as president of AdvEnergy Solutions in Louisville, which he founded in 2007.

Mr. Durham is a graduate of Heidelberg College and holds a B.A. degree in Economics and German.

About Aquila Group of Funds

The Aquila Group of Funds occupies a niche market in the fund industry, offering a selection of seven single-state municipal bond funds, along with a high yield corporate bond fund, and an equity fund.  Aquila Investment Management LLC is the lead organization of several affiliated companies which manage, administer and market the Aquila Group of Funds, founded by its parent, Aquila Management Corporation.  For more information please go to

Barbara Gracey
Kanter & Co.
Diana Herrmann
Aquila Investment Mgmt.

SOURCE Aquila Investment Management LLC