CHICAGO, March 8, 2011 /PRNewswire/ -- Aston Asset Management, LP (Aston) is pleased to announce that the ASTON/Lake Partners LASSO Alternatives Fund (ALSOX/ALSNX) has exceeded $50 million in assets under management. The Fund (I-Class) ranked in the top quartile of the Morningstar Long-Short Category in 2010, its first full calendar year of operations.  As of December 31, 2010 the average annual total return for the I-Class was 8.79% for the one-year period and 13.63% since inception.  Lake Partners, Inc. (LakePartners), subadviser to the Fund, is an investment advisory firm recognized for its expertise in hedge funds as well as alternative strategies in mutual funds.

"We are pleased to announce this milestone for the ASTON/Lake Partners LASSO Fund," said Stuart D. Bilton, Chairman and Chief Executive Officer of Aston. "The Fund offers investors a unique, all-in-one approach to alternative strategies, managed by a subadviser with long experience in a highly specialized area."

The ASTON/Lake Partners LASSO Fund is structured as a fund-of-funds employing the proprietary LASSO® Long and Short Strategic Opportunities® strategy.  By investing in a carefully managed portfolio of alternative mutual funds, the goal is to provide long-term total returns with reduced correlation to conventional asset classes and less volatility than the overall stock market.

"This Fund represents the cutting edge of innovative solutions for investors seeking user- friendly access to alternative strategies," said Frederick C. Lake, Co-Chairman and Treasurer of Lake Partners, which he co-founded in 1989. "We are pleased with the Fund's growth to date and are very optimistic about its future."

Aston is the investment adviser to the Fund, while LakePartners is the subadviser responsible for the Funds' day-to-day management.

To speak with Aston, please contact Amiee Watts at 973-784-0025 or amiee@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 $9.0 billion as of February 28, 2011.  For more information on the funds managed by Aston please call 800-597-9704 or visit www.astonfunds.com.

Note: The Fund also incurs the risks of the underlying funds it invests in. Potential risks include

the use of aggressive investment techniques and instruments such as options and futures,

derivatives, commodities, credit risk, leverage and short sales that taken alone are generally considered riskier than conventional market strategies. Use of these aggressive investment techniques may expose an underlying fund to potentially dramatic changes (losses) in the value of its portfolio. Short sales may involve the risk that an underlying fund will incur a loss by subsequently buying a security at a higher price than the price at which the fund previously sold the security short.

As of December 31, 2010, the ASTON/Lake Partners LASSO Alternatives Fund (I-Class) ranked in the top quartile of the Morningstar Long-Short Category for the one-year period based on total return.  Percentile rank was 15 out of 216 Long-Short Funds based on total return.

The highest or most favorable Morningstar percentile rank is 1 and the lowest percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Various rating agencies categorize funds differently.

As of December 31, 2010, the ASTON/Lake Partners LASSO Alternatives Fund (I-Class)  average annual total return was 8.79% for the one-year period and 13.63% since inception on April 1, 2009.  Gross Expense ratio is 3.57% and the net expense ratio is 1.20% excluding acquired fund fees.  The Fund's I-Class net expense ratio including acquired fund fees and expense is 2.54%.  

The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, upon redemption, may be worth more or less than their original cost. Some of the returns quoted reflect fee waivers or expense reimbursements.  Returns for certain periods would have been lower without the waivers/reimbursements. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit our website at www.astonfunds.com.

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please call 800 992-8151 for a prospectus containing this and other information. Read it carefully before investing.  Aston Funds are distributed by BNY Mellon Distributors Inc.

SOURCE Aston Asset Management