Ascentia Capital Partners [profile] is seeking an advisor for its Alternative Strategies Mutual Fund.

According to a filing with the U.S. Securities Exchange Commission, Ascentia terminated the sub-advisor agreements for the fund with Palladiem and Armored Wolf.

Stephen McCarty, managing director and chief compliance officer at Ascentia told MFWire that "in a nutshell, we are looking for replacement sub-advisor(s)."

"We are making some changes and really looking for a single sub-advisor that can manage multiple alternative  strategies, rather than a variety of managers that handle single specific strategies," he said.

McCarty said that Palladiem was intended to fill this single sub-advisor role "but they have decided to go in another direction with SMAs rather than mutual funds."

He added that the fund "continues to operate with a multi-alternative approach via the use of ETFs, SMAs, and potentially other MFs." 

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