CHICAGO, April 29, 2011 /PRNewswire/ -- Aston Asset Management, LP (Aston) is pleased to announce it will partner with DoubleLine Capital LP (DoubleLine) to offer a new fund under the Aston Funds.

Aston Funds has filed a post-effective amendment to its registration statement with respect to the Aston/DoubleLine Opportunistic Bond Fund, an open-end mutual fund that will combine Aston's distribution and administration capabilities with DoubleLine's portfolio management capabilities in fixed income. The Fund is expected to launch in early July 2011.

"The DoubleLine investment team, led by Jeffrey Gundlach, brings a wealth of experience in managing fixed income portfolios," said Stuart D. Bilton, Chairman and Chief Executive Officer of Aston.  "We are extremely pleased that Jeffrey and DoubleLine have agreed to subadvise this new fund under the Aston umbrella."

The Aston/DoubleLine Opportunistic Bond Fund's investment objective seeks to maximize current income and total return.  The Fund's lead portfolio manager is Jeffrey Gundlach, CEO and Chief Investment Officer of DoubleLine.

Mr. Gundlach is recognized as a leader in fixed income investment and asset allocation. Morningstar nominated Mr. Gundlach for Fixed Income Manager of the Year for multiple years, and he won the award in 2006. In 2009, he was nominated by Morningstar for Fixed Income Manager of the Decade. In 2010, Mr. Gundlach was named to the SmartMoney Power 30 and one of the seventeen most influential people by The Mutual Fund Wire. He is a graduate of Dartmouth College summa cum laude holding a BA in Mathematics and Philosophy. He attended Yale University as a PhD candidate in Mathematics.

"The investment team at DoubleLine has managed fixed income assets for over twenty years," said Mr. Gundlach.  "We are proud to partner with Aston, and look forward to the opportunity to provide the Fund's investors with access to fixed income opportunities utilizing our controlled risk approach combined with active asset allocation."

Aston will act as the investment adviser to the Fund, while DoubleLine will act as subadviser and will be responsible for the day-to-day management of the Fund. DoubleLine is a fixed income investment management firm.  The firm is majority employee-owned with CEO Jeffrey Gundlach and President Philip Barach holding a combined controlling interest in the firm. DoubleLine's headquarters is in Los Angeles, California.

To request more information please contact Carol Graumann at 973-732-3521 or carol@jcprinc.com.

About Aston Asset Management, LP

Aston Asset Management, LP, headquartered in Chicago, Illinois, is a diversified institutional investment management firm. Aston offers investment management services to the mutual fund and separately managed account markets. Aston is the advisor to twenty-four mutual funds with total net assets of approximately $9.2 billion as of March 31, 2011.  For more information on the funds managed by Aston please call 800-597-9704.

DoubleLine® is a registered trademark of DoubleLine Capital LP.

Note:  Bond funds are subject to interest rate and credit risk similar to individual bonds. As interest rates rise or credit quality suffers, an investor is susceptible to loss of principal. Additional techniques that the Fund may use, including high-yield bonds, foreign bonds,  and derivatives, are subject to additional risks.

Morningstar award criteria:  The Manager of the Decade award is not just about returns.  Morningstar considers the risks assumed to achieve those results and take into account the strength of the manager, strategy, and firm's stewardship. When selecting the Morningstar Fund Manager of the Year award winners, Morningstar looks for managers: Who have made a lot of money for a lot of investors over a long period of time, and who also had a good calendar year.  Who have blazed a trail with original research and who stick to their strategies through thick and thin.  Who are good stewards, putting fundholders' interests first rather than trying to extract every last penny from shareholders.

SmartMoney Power 30 criteria:  Each year the SmartMoney staff digs through their notes, a year's worth of clips and the far reaches of the Web, and interviews dozens of executives, analysts and investors. The result is a list of men and women to watch in the coming year, the people whose actions will signal or even cause changes in everything from the money supply and Medicare to the Nasdaq.

Mutual Fund Wire criteria:  The list is based on nominations for the industry and judgment of MFWire's editorial staff.

Past performance is no guarantee of future results.

The information contained in this press release and in the preliminary prospectus is not complete and may be changed.  A post-effective amendment to the registration statement with respect to the securities of the Aston/DoubleLine Opportunistic Bond Fund has been filed with the Securities and Exchange Commission but is not yet effective.   No securities of the Fund may be sold until the post-effective amendment with respect to the securities is effective.  This press release or the preliminary prospectus is not an offer to sell these securities and is not a solicitation of an offer to buy these securities in any jurisdiction in where the offer or sale is not permitted.

Investors should consider the investment objectives, risks, charges and expenses of the Aston/DoubleLine Opportunistic Bond Fund carefully before investing. Please call 800 597-9704 for a preliminary prospectus which contains this and other information about the Fund. Read it carefully before you invest or send money. Aston Funds are distributed by BNY Mellon Distributors Inc.

SOURCE Aston Asset Management, LP