BERWYN, Pa., April 10, 2017 /PRNewswire/ -- Brinker Capital, a leading investment management firm focused on multi-asset class investing, today announced the launch of the Destinations Funds (the Funds), a series of 10 multi-manager mutual funds advised by Brinker Capital. The Funds now serve as the building blocks of the Destinations fee-based mutual fund advisory portfolios, which launched in 1995 and currently have $9.3 billion in assets under management (as of March 31, 2017). This announcement comes as the firm is set to celebrate its 30th anniversary on April 17.
"The decision to evolve the operational infrastructure of Destinations has resulted in what we believe are two key benefits to financial advisors and investors: it enables us to lower costs and provides financial advisors and investors with greater access to unique investment strategies," said Noreen D. Beaman, Chief Executive Officer at Brinker Capital. "Our differentiated strategy creates real value for financial advisors and clients who have trusted Brinker Capital to manage their wealth for 30 years," said Chuck Widger, Founder and Executive Chairman at Brinker Capital.
With the Funds being part of the Destinations advisory portfolios, Brinker Capital is able to provide a cost-effective solution to investors and a level fee structure that aligns with the Department of Labor Fiduciary Rule. With this change, Brinker Capital reduced existing qualified investors' overall costs by an average of 21 percent*, and lowered the account minimum of the Destinations portfolios to $10,000, making an institutional multi-asset class investment experience more widely available to individual investors.
The 10 institutional class Funds which make up the Destinations multi-asset class portfolios are as follows: Destinations Large Cap Equity Fund, Destinations Small-Mid Cap Equity Fund, Destinations Equity Income Fund, Destinations International Equity Fund, Destinations Core Fixed Income Fund, Destinations Low Duration Fixed Income Fund, Destinations Global Fixed Income Opportunities Fund, Destinations Municipal Fixed Income Fund, Destinations Real Assets Fund, and Destinations Multi Strategy Alternatives Fund. The Funds are available on the Fidelity and Pershing institutional no transaction fee mutual fund platforms.
"The Destinations Funds combine the deep experience and expertise of our investment team with Brinker Capital's core competencies of asset allocation and manager selection," said Jason Moore, Chief Administrative Officer at Brinker Capital. "Additionally, the Funds provide the portfolio management team with greater flexibility in employing our active and passive investment approach."
DoubleLine Capital, an investment manager with $105 billion in assets under management (as of March 31, 2017), has continuously met Brinker Capital's rigorous research and evaluation process and has had a meaningful allocation within the Destinations advisory portfolios for many years. DoubleLine Capital is among a select group of investment managers tapped to sub-advise investment strategies within the Funds.
"Brinker Capital, highly regarded for their commitment to investors and skilled asset allocation, was an early institutional investor when we launched DoubleLine Funds in 2010. So naturally we look forward to continuing our strong, working relationship with Brinker Capital and are pleased to support the launch of their new fund family," said Jeffrey Gundlach, Chief Executive Officer at DoubleLine Capital.
Brinker Capital has cultivated a select group of professionals and organizations to support the Funds. The firm recently added Pete Townsend as Deputy Funds Chief Compliance Officer and Donna Marley as Senior Vice President of Funds. The Destinations Funds Board of Trustees which provides independent oversight of the management of the Funds includes: Joseph Del Raso, Esq. as independent trustee and chair; Ellyn Brown, Esq., Scott Coleman, CFA, Nicholas M. Marsini, Jr., and Gregory McGowan, Esq. as independent trustees; and John E. Coyne, III as interested trustee. Service providers include: Morgan, Lewis & Bockius LLP as legal counsel; Brown Brothers Harriman & Co. as administrator and custodian; Foreside Fund Services, LLC as the distributor; and UMB Fund Services, Inc. as the transfer agent.
About Brinker Capital
Brinker Capital is a privately held investment management firm with $19.1 billion in assets under management (as of March 31, 2017). For 30 years, Brinker Capital's purpose has been to deliver an institutional multi-asset class investment experience to individual clients. Brinker Capital's highly strategic, disciplined approach has provided investors the potential to achieve their long-term goals while controlling risk. With a focus on wealth creation and management, Brinker Capital serves financial advisors and their clients by providing high quality investment manager due diligence, asset allocation, portfolio construction and client communication services.
Brinker Capital, Inc. is a Registered Investment Advisor.
Important Information about Destinations Funds
Before investing you should consider the Destinations Funds' investment objectives, risks, charges and expenses carefully. The prospectus contains this and other information about the Funds. You may obtain a copy of the prospectus by calling 1-877-771-7979 or visiting www.destinationsfunds.com. The prospectus should be read carefully before investing.
*The stated reduction in overall costs for qualified investors is an average of all qualified accounts invested across the various Destinations products and will vary depending on the product/fund invested in and a clients' overall fee level which includes third party expenses such as the applicable solicitor fee.
Mutual fund investing involves risk. The value of your investment in a Fund could go down. Multi-investment management styles may lead to overlapping securities and higher transaction expenses compared to single investment management styles. Outcomes depend on the skill of the sub-advisers and adviser and the allocation of assets amongst them, as well as market fluctuations and industry/economic trends etc.
Any tax or legal information provided is not an exhaustive interpretation of some of the current income tax regulations. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Funds nor any of their representatives may give legal or tax advice.
The Destinations Funds are distributed by Foreside Fund Services, LLC.
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SOURCE Brinker Capital, Inc.